China Corn Output Hitting Record In 2011

October 14th, 2011


Category: Grains, Oilseeds

Corn showing gains(CME Group) – China’s corn output this year will likely increase 3.9% to a record level, indicating China’s corn imports may slow as domestic corn prices fall with the arrival of new domestic crops.

The state-backed China National Grain and Oils Information Center has revised its estimate for corn output to 184.5 million metric tons from an earlier estimate of 182.5 million tons, it said in a report.

The report is in line with a U.S. Department of Agriculture report Wednesday that put China’s 2011 corn output at 182 million tons, up 2.2% from its last estimate and 2.7% from actual output last year, while maintaining its import forecast for the marketing year that began Sept. 1 at 2 million tons.

This increase is due to favorable weather that is boosting yields as well as increased crop area, said Dai Xiaojing, an analyst with Dalian Yigu Information Consulting Co., which runs the country’s largest corn information portal.

Dalian Yigu forecast 2011-12 corn output at 170.4 million tons and imports at 4 million tons, she said, adding that if domestic prices continue to weaken, imports will fall short of the estimate.

The U.S. Grain Council made a more conservative estimate, at 167 million tons, after it concluded a crop tour in China last month.

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