China corn imports may more than double in 2011

China's corn imports may reach 5 million metric tons by the end of 2011, more than doubling the 2 million metric tons the country imported in 2010, according to Abdolreza Abbassian, senior economist with the United Nations' Food & Agriculture Organization. The country is attempting to boost stockpiles and slow the country's fastest inflation in three years, which currently sits at 6.4%, according to reports.

China imported 540,000 metric tons of U.S. corn in the year beginning September 1.
China imported 540,000 metric tons of U.S. corn in the year beginning September 1.

China's corn imports may reach 5 million metric tons by the end of 2011, more than doubling the 2 million metric tons the country imported in 2010, according to Abdolreza Abbassian, senior economist with the United Nations' Food & Agriculture Organization.

The country is attempting to boost stockpiles and slow the country's fastest inflation in three years, which currently sits at 6.4%, according to reports. China bought 540,000 metric tons of U.S. corn for delivery in the year starting September 1 and an additional 300,000 metric tons was sold to unknown destinations. This brings the amount of corn sold by exporters without declaring a destination to about 2.5 million metric tons, initiating speculation that the product was bought by China and suggesting that the country is already at roughly 3 million metric tons of imported corn for the year.

Corn traded at $6.5575 a bushel at 4:40 p.m. in Singapore on June 12 after rising 4% when the U.S. Department of Agriculture lowered their estimates on global stockpiles.

Page 1 of 46
Next Page