Rising US corn prices affect Chinese imports

Rising prices of US corn have made it more difficult for China to use imports to help relieve its domestic corn shortage, the director of the China National Grain & Oils Information Center said in Beijing on Tuesday.

Shang Qiangmin said China's 2012 and 2013 soybean imports may rise to 60 million metric tons from 58 million tons a year ago, while the domestic harvest may fall to 13 million tons from 14.5 million tons. Shang said the forecast is lower than others in the market because the government is selling domestic reserves, a measure that is likely to continue.

Agencies - China Daily