February 18, 2004
 
 
China January Corn Exports Total 570,000 MT

China exported 570,000 metric tons of corn in January this year, marginally down from 570,290 tons in January 2003, according to data from China's General Administration of Customs.
 
The data show Chinese corn exports continued in January, despite talk that exports would come to a standstill in early 2004 as traders await clearer policy guidelines from the government. Traders, however, noted exporters were mostly executing old contracts signed in 2003.
 
"Most, if not all, of the exports in January are old contracts signed in 2003, which could still enjoy the higher financial support from the government," said a trader from China National Cereals Oils and Foodstuff Import & Export Corp., or COFCO.
 
There has been speculation that China would cut export incentives for corn on contracts signed this year.
 
The official customs data is usually released on the 20th day of each month, but government agencies and state-owned media sometimes have access to the data earlier than that.
 
China exported 16.39 million tons of corn in 2003, up 40% from exports in 2002, according to official customs data.