China, which imported 1.3 million tonnes of corn in the year to September, will import around 2.25 million tonnes in 2010/2011, according to a poll of forecasters. That is more than double the 1.0 million tonnes forecast by the US Department of Agriculture.
China is the world’s No.2 corn consumer. Although China’s Agriculture Ministry has said this month saw a bumper harvest, many corn traders think China will never again close the supply-demand gap on its own.
A senior analyst at Shanghai-based JC Intelligence (JCI) said that while China digests its harvest, the government may already have booked as much as 3 million tonnes of corn for the first half of next year.
Business Recorder reported the analyst as saying, "We believe a certain amount of US corn has been booked for state reserves next year, otherwise it would be too late."