Japan, the largest corn buyer, will probably boost U.S. imports after cutting its reliance on American grain to the lowest-ever level, as Chicago futures entered a bear market, industry officials said.
The worst U.S. drought in more than half a century will spur Japan, the world’s biggest corn importer, to buy a record amount from Brazil after record prices increased costs for feed makers and meat producers.
Canada couldn’t offer wheat to Japan at today’s tender because it is seeking to resolve “some logistical issues” with the buyer, said Derek Sliworsky , general manager at the Canadian Wheat Board in Tokyo.
Japan, the world’s largest corn importer, doubled grain purchases from Europe in the past two months, heading for a record volume from the region this year, as local feed mills seek cheaper alternatives to U.S. supply.
Corn purchases by Japan, the world’s biggest importer, may drop by about 2.1 percent this year as an outbreak of foot-and-mouth disease has spurred a mass cull of pigs and cattle, Unipac Grain Ltd. forecast.