Corn exports to be cut due to drought

China's largest grain trader said grain exports may be cut by as much as 80% from 5 million metric tons to 1 million due to reduced crop yields from droughts, Bloomberg reported. Export cuts will likely mean increases in the cost of livestock feed, complicating government efforts to curb food-driven inflation which reached a 10-year high in August. "The government decides whether to allow exports, but given the rising food prices, I see little if any volumes of exports this year,'' said Jiang Jianhua, vice chairman of Jilin Grain Group Co, one of China's two authorized corn exporters.