November 10, 2011
China's corn supply will remain "relatively tight" this marketing year as demand is forecast to rise faster than output, an official with the state-backed China National Grain and Oils Information Centre (CNGOIC) said Wednesday (Nov 9).
In the year from October 1, demand will likely rise eight million tonnes, said Wang Xiaohui, head of CNGOIC's market monitoring department.
Output is expected to rise 7.25 million tonnes, or around 4%, to a record 184.5 million tonnes, he added.
Feedmeal demand will rise six million tonnes, while demand from industrial processors such as alcohol and starch makers will grow around two million tonnes.
Corn imports will increase "significantly" from a year earlier, he added.
Domestic prices fell more than the market expected, partly due to economic woes, he said.