China's corn import spikes to biggest record in a decade

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Publish time: 23rd July, 2015      Source: www.cnchemicals.com
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July 23, 2015

   

   
China's corn import spikes to biggest record in a decade
   
   

   

China has witnessed incoming corn shipments of 872,928 tonnes in June this year, a jump from the 404,102 tonnes volume seen in May. The amount represents the Mainland's biggest corn import in at least 10 years, just before US prices for the grain rose.

   

   

According to Bloomberg, cheaper prices of international supplies had prompted an apparent scramble in the purchasing of some grains. In the second quarter, China's quota on deliveries was close to being exhausted completely by importers, Cherry Zhang, an analyst at Shanghai JC Intelligence Co., said.

   

   

Nobuyuki Chino, the president of Continental Rice Corp., attributed the Chinese rush on corn-buying to costlier local corn in China.

   

   
"The Chinese government is eager to sell corn from state stockpiles, but as its quality is not good and price is high, (so) they have difficulty finding enough buyers," Chino explained. However, any buying frenzy would currently be restrained as prices rose 18% in late June due to declining conditions of US corn.
   
   

The China National Grain & Oils Information Center expects the country to receive four million tonnes of corn in 2015.

   

   

In June last year, imports of corn into China recorded 27,330 tonnes in volume. Corn-buying dropped 20% in 2014 following a scandal involving the discovery of unapproved corn products developed by Syngenta, in some cargoes.