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China has a lot of corn

Corn

Reports are the United Nations Food and Agriculture Organization (FAO) is going to reduce their Chinese corn crop forecast by 2 percent. Citing severe drought in northern China, the Financial Times says the 2015-16 crop estimate will be trimmed from 226 million metric tons to 221 million metric tons.

However, that will not alleviate the huge stocks number in China as the decreased production will not offset the expected drop in feed and industrial uses.  FAO projects a 5 percent increase in corn stocks by the end of the year to 103 million metric tons.

In an effort to reduce stocks, China has cut the government pay price for corn and also called for a reduction of planting in marginal growing areas.

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