Agricultural processor, Bunge Ltd expects China to become a small net importer of corn as the country's rising consumption for meat will increase its demand for animal feed.

China will likely import more corn this year, although sales volumes remain unclear,

Bunge chief executive Alberto Weisser said on Thursday (Apr 29).

"We have the similar view of USDA that in the mid- to long-term China will become a relatively small importer of corn as the demand continues increasing, especially for the meat industry as feed," Weisser said.

News that China made its first purchase of US corn in four years sent corn futures Cc1 on the Chicago Board of Trade up 3% on Wednesday (Apr 28) and talk of further sales lifted futures to five-week highs on Thursday.

The USDA confirmed sales of 115,000 tonnes of US corn to China and the US Grains Council later said China may have bought an additional 300,000 tonnes of the feed grain.

Soaring Chinese domestic corn prices have prompted feed producers there to seek out lower cost imports, which require government-issued import permits. China has auctioned corn from its large state stockpile over recent weeks in an attempt to cool prices, but domestic corn costs have remained high.