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Jul 26, 2010

Global Corn Market Analysts Declare "New Era" - China to Buy Tons of US Corn

Hanver Li, Chairman of  China based JCI
Investments discusses US corn exports to China
photo courtesy U.S. Grain Council (USGC)
On 26 July 2010 Bloomberg News reported that the U.S. Grain Council and China-based JCI investments had concluded that the U.S. and China had entered a "new era" of trade with China posed to purchase considerable tonnage of U.S. corn exports over the next five years. 

These sources predicted that China might import up to 15 million tons of U.S. corn by 2015.  They noted that even with normal weather conditions, China can not meet its demand for corn.  They predict that U.S. corn exports to China will total 1.7 million tons in 2010 and 5.8 million tons in 2011.  In Japan, the country's largest grain trading, Marubeni Corp's research institute confirmed that the demand is certainly growing and while it might not be 15 million tons by 2015, it could well be at 10 million tons.

China's demand for corn is related to rising income. Chinese consumers are increasingly switching to meat, dairy, and egg consumption, which is fueled by using corn as animal feed.

In the past, China has been both an importer and exporter of corn, depending upon crop yields and weather.  The USDA noted that if China were to purchase 5.8 million tons in 2011, this would make it the fourth largest buyer of U.S. corn exports. 

Neither of the original sources mentioned whether the U.S. corn exports included or excluded gene-modified (GM) corn.

For more see related blog:

First US Corn Shipment to China since mid 1990s, 22 June 2010.

For orginial articles see:

Javier, Luzi Ann. "China to Buy 15 Million Tons of Corn in `New Era,' Council Says, Citing Li," Bloomberg News, 26 July 2010.

U.S. Grain Council. "JCI: China’s Corn Imports are Beginning of ‘New Era’" Global Update Newsletter, 22 July 2010.

About Margaret

CEO and Curator (The Food Museum) | Managing Director and Chief Editor (GR2 Global LLC) | Educator (UCLA PhD) | Researching and writing on global food issues, nutrition and health, sustainability, history (preservation), conservation (natural resources), and design.
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