USGC forecasts record China corn crop
The U.S. Grains Council (USGC) has concluded its annual tour of China’s corn harvest and projects that the Chinese will produce another record crop.
The USGC says the production increase is being driven both by higher yields and an increase in planted acreage. Those increased corn acres came at the expense of cotton and soybean acreage in China.
USGC president and CEO Tom Sleight (slate) says that with a short U.S. crop this year, it is actually a relief that the world’s number two corn producer is having a good year. He says China’s record crop “will help limit demand destruction and preserve markets for U.S. corn as we rebound next year.”
Up until 2010, China was an export competitor of the U.S. in Asian markets. In 2010, however, China became a structural corn importer, and last year purchased nearly 5.2 million metric tons of corn from the U.S., making it the third largest U.S. export market.
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