Date
21 July 2018

Corn prices set to tumble amid increased imports, Xinhua says

China’s corn production is expected to top 215 million metric tons in 2013, a record high, the official Xinhua news agency reported Wednesday, citing the State Administration of Grain Information Center and China National Association of Grain Sector (CAGS). Domestic consumption is forecast at 197.5 million tons during 2013 to 2014, suggesting corn inventory is set to increase, Liu Xiaoran, vice secretary general of CAGS’ corn division, was quoted as saying. The price of imported corn is 2,039 yuan (US$333) per ton, lower than the national reserves collection price of 2,260 yuan per ton and the spot price of 2,400 yuan per ton. With increased imports, domestic corn prices could fall below the national reserves collection price, the report said.

– Contact HKEJ at [email protected]

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