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China corn imports to rise

09/20/2011 @ 7:47am

BALI (Dow Jones)--China will likely import around 6.0 million metric tons of corn in the U.S. marketing year, Washington-based commodities consultant and analyst John C. Baize said Tuesday.

China's corn imports from the U.S. were close to 1.0 million tons in 2010-11 and will likely jump sharply in the year that began Sept. 1 despite a rise in local output, as state reserves need to be replenished, local prices are high and domestic consumption is rising.

He said U.S. exporters have already sold a couple of million tons for shipment to China over the next several months.

Separately, a Louisiana-based exporter who didn't wish to be named said his company is loading a corn cargo for China and another is in the pipeline.

The U.S. Department of Agriculture has forecast that China's corn consumption in 2011-12 will exceed output by 4.5 million tons.

-By Sameer Mohindru, Dow Jones Newswires; +(65) 9455-2449; sameer.mohindru@dowjones.com

(END) Dow Jones Newswires

September 20, 2011 07:13 ET (11:13 GMT)

DJ China 2011-12 Corn Imports Likely 6 Mln Tons -Analyst->copyright

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