September 17, 2010

China revises up 2010 corn forecast

China's corn output this year is expected to reach a record 169 million tonnes, up 3.1% from last year, according to the latest estimate by the China National Grain and Oils Information Centre (CNGOIC).

In its latest report, the official think tank revised its corn output forecast upwards by one million tonnes from its August estimate.

The bumper harvest could mean China, the world's second-largest consumer, may not need to import at a large volume next year after imports reached the highest in more than a decade this year.

Weather in the coming two weeks could still hurt output in major growing areas in the northeast with the harvest due in October.

The centre also revised up its forecast for soy output to 14.8 million tonnes, down 1.3% from last year.

Wheat output was revised slightly down to 114.4 million tonnes, a rise of 0.1% from last year, while paddy output was revised down to 196.4 million tonnes, up 0.7% from 2009.