December 15, 2006

China exports 260,000 tonnes of corn in November
 

China exported 260,000 tonnes of corn in November, compared with 80,000 tonnes in October and less than 7,000 tonnes in September, according to China's custom authorities.

Total corn export from January to November reached 2.63 million tonnes, down 67 percent on-year. USDA estimates China's corn output this year at 143 million tonnes while imports totaled 100,000 tonnes and exports 4 million tonnes.

Due to the dollar's depreciation, trust funds are devoting more money speculating on grain commodities, pushing corn futures on the international markets higher.

At the same time, weather conditions have slowed down corn transportation in the north-eastern areas, affecting the loading of corn at the ports. As a result, exporters have had to extend corn delivery dates to March next year to ensure fulfillment of their contracts.