September 6, 2011

 

China may halt US corn purchases on steep prices

 
 

Chinese corn importers are unlikely to buy US corn as prices are now much higher than local prices, according to the state-backed China National Grain & Oils Information Centre (CNGOIC) Monday (Sep 5).

 

In the 2011-12 marketing year that began September 1, China will likely import around 2.5 million tonnes of corn, said CNGOIC director Shang Qiangmin.

 

Corn supply and demand are now balanced but demand is growing faster than output growth, he said, adding that it is very difficult to control non-feed corn consumption.

 

China has reportedly booked more than three million tonnes of US corn so far this year.

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