Dry weather threatens China corn
Crop could come in short
China’s corn crop could fall 168 million metric tons short if dry weather continues in the country’s growing regions, according to a report by Bloomberg Businessweek. According to experts, if China’s central and northeastern areas do not get rain by the second week in July, the crop will be in peril.
The losses could make China a net corn importer for the second straight year, which would support global prices. The U.S. Department of Agriculture estimates that U.S. corn inventories will drop to the lowest levels since 2006-2007.