China corn imports to rise
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; firstname.lastname@example.org
(END) Dow Jones Newswires
September 20, 2011 07:13 ET (11:13 GMT)