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China May Buy More Than 1 Million Tons Corn, U.S. Council Says
18.06.2010 13:48 "Agro Perspectiva" (Kyiv) —
China, the world’s second-largest corn consumer, may buy more than 1 million metric tons in the next 18 months, in addition to purchases made this year, as economic growth boosts demand, the U. S. Grains Council said.
«I do believe in six to 18 months, the Chinese will undoubtedly take more than a million tons of corn and I wouldn’t be surprised to see it be in fact double that amount,» said Thomas Dorr, president of the council. China’s economic growth will boost its demand for meat, creating an «excellent opportunity» for U.S. exporters to sell more corn to meet the needs of livestock farmers, he said.
The World Bank, in an economic outlook published June 9, forecast China’s gross domestic product will expand 9.5 percent this year, compared with 3.3 percent for the U.S. and 0.7 percent for the euro region. The Asian nation’s demand for corn may grow 2 percent to 159 million tons in the 2010–2011 season, according to the U. S. Department of Agriculture.
U.S. exporters reported sales of 120,000 tons of corn to China for delivery in the marketing year that ends on Aug. 31, the USDA said June 14. That’s in addition to the 595,000 tons in reported purchases by China as of May 20, according to USDA data.
Rising imports by China may help drain excess supply, ending an 8.8 percent slump in Chicago futures this year. The contract for December delivery was unchanged at $3.7725 a bushel in Chicago at 8:54 a.m. Singapore time. China, which was a net exporter until 2009, purchased 47,000 tons last year, according to a USDA estimate.
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