A U.S. Grains Council official says the opportunity exists for China to import what he describes as a “huge” amount of U.S. corn to meet current demand, before the 2010 crop enters the market.
The Grains Council’s assistant director in China made his observation following a recent tour of the corn growing area in northeast China. He says China’s 2010 corn planting acreage is lower than expected due to abnormal rains, snow and temperatures this spring.
China’s current supplies show significant signs of degradation. Some corn storage facilities are reportedly showing a 20 to 30 percent mold problem.
The Grains Council reported earlier in May that China had booked over 1 million tons of corn imports this year. The recent news of planting and storage trouble within the county will only help to boost that number.