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China Expected To Grow More Corn

published: October 5th 2011
source: KTIC

The U.S. Grains Council estimates a bumper corn crop in China this year of 167-million metric tons, an increase of approximately 9-million tons over last year. The estimate was developed by the USGC's China Corn Harvest Tour, which concluded its annual survey last week. Given the projected corn harvest area of 30.9 million hectares or 76.35-million acres, this implies a yield of 5.39 tons per hectare or 85.9-bushels per acre.

USGC chairman, Dr. Wendell Shauman, called the number good news. The USGC chairman says - demand for high quality protein continues to grow, thanks to the surging growth of the global middle class. As a result, world corn prices this summer and fall reached record highs. Strong harvests will help moderate prices and keep our international growth markets on track. In the long run, that's good for both producers and consumers all around the world.

Nebraska Corn Board executive director Don Hutchens beieves - the Council's estimate indicates China's production will be insufficient to meet anticipated domestic demand. China has drawn down its stocks below its comfort level of 25 percent. The 2011 production will provide for 14 to 16 percent ending stocks. Therefore, China will need to import to fully satisfy domestic demand and rebuild those stocks.