October 30, 2014
China continues to have high state corn stockpile for the third consecutive year
Due to a bumper harvest and slow domestic demand for corn, industry analysts predict that the Chinese government will most likely stockpile anapproximately 40 million tons of cornfor the 2014/15 marketing year. Last year, the government stockpiled a record volume of 60 million tons of corn.
Industry sources have been attributing China's high state corn stockpile as the main reason for rejecting cheaper US corn imports. From last November till now, the Chinese government had already rejected 1.25 million tons of corn from US after detecting the presence of an unapproved genetically-modified organism (GMO).
With such a high stockpile volume, analysts believe that the approval and processing process for imports will be longer and stricter.