Feed mills in China, the second- biggest corn consumer, will probably order more U.S. grain on concern that domestic supply won’t meet demand before the fall harvest, researcher Yigu Information Consulting Ltd. said.
China, the biggest corn consumer after the U.S., made at least its second purchase of foreign grain in two weeks, two traders with knowledge of the transaction said, as the country seeks to cool local prices.
China, the world’s second-biggest corn user, may import fewer shipments from the U.S. than forecast due to rising costs since the worst drought in decades hit the top grower, a state-owned researcher in the Asian country said.
China, the world’s second-biggest corn grower, may increase its production by 7.6 percent this year, limiting potential imports, said Yigu Information Consulting Ltd., an independent grain advisory company.
China, the second-biggest corn consumer, may import more of the grain if global prices fall 19 percent to about $5 a bushel, a level that is significantly below domestic prices, said Yigu Information Consulting Ltd.
China, the world’s biggest consumer of grains, will probably have an increased autumn harvest and will stay self-sufficient in corn, wheat and other cereals, Zeng Liying , deputy director of the State Administration of Grain.
China’s grain market will be well supplied from inventories and rerouting of shipments as the clean-up of the Dalian oil spill keeps the port closed for as many as 10 days, said an analyst at Shanghai JC Intelligence Co.
Cofco Ltd., China’s top state-owned grain trader, hasn’t been given any corn import quotas on top of the 500,000 tons already granted, a company executive said, even as speculation persists over new purchases.