Record corn crop unlikely to meet demand

    Updated: 2011-11-04 10:21

    By Jeff Wilson (China Daily)

      Comments() Print Mail Large Medium  Small 分享按鈕 0

    Record corn crop unlikely to meet demand

    Farmers in Shenyang, Liaoning province, harvest the corn crop. The country's demand for corn has risen 50 percent since 2000 while the harvest grew by 38 percent. [Photo/ China Daily]

    CHICAGO - China reaped its seventh record corn crop in eight years during the harvest now ending. That still won't be enough to meet demand, driving a fivefold gain in imports as prices head for the highest-ever annual average.

    Production reached 189.2 million tons in the harvest that began in September, which was 6.7 percent more than a year earlier, according to a survey of growers in the seven main producing regions carried out by Geneva-based SGS SA for Bloomberg. Imports in the marketing year that began last month may jump to 5 million tons from 1 million tons, according to the median estimate of 10 analysts and traders surveyed by Bloomberg.

    While the supply predicted in the SGS survey would exceed the estimates of the US Department of Agriculture (USDA) by more than 7 million tons, rising imports show that farmers are failing to grow enough grain for livestock feed. The fivefold expansion in China's economy in the past decade reported by the World Bank has spurred a change in diets. The dairy herd has almost tripled since 2000, and per capita pork consumption rose 26 percent in the nation of 1.34 billion people, USDA estimates show.

    "It's an amazing crop, but demand is just too strong," said Dan Cekander, director of research at Newedge USA LLC in Chicago, who toured cornfields in Jilin Province, the top grower, during September. "Everybody has been projecting a record crop, and yet domestic prices are historically high, and the Chinese government just bought US corn."

    Corn futures on the Chicago Board of Trade rose 2.3 percent to $6.4325 a bushel this year and averaged $6.90, heading for the highest-ever annual figure.

    The grain will probably reach $7.25 in the first quarter, Cekander said. Prices in Jilin jumped 17 percent and touched a record 2,430 yuan a ton ($9.67 a bushel) on Sept 19, according to Shanghai JC Intelligence Co, the nation's biggest independent agricultural researcher.

    On Oct 13, the USDA announced that China bought 900,000 tons of corn, the most since a 1.45 million-ton purchase in 1994.

    Corn outperformed this year's 14 percent drop in the Standard & Poor's GSCI Agriculture Index of eight commodities and the 8.2 percent decline in the MSCI All-Country World Index of equities. Treasuries returned 8.8 percent, Bank of America Corp indexes show.

    Chinese demand has risen 50 percent since 2000 as output gained by 38 percent, according to USDA data. Only the US grows and uses more. China, which became a net importer for the first time in 14 years in 2010, is "entering a golden age for consumption," Morgan Stanley analysts led by Hussein Allidina said in a report Oct 25.

    Bloomberg News

    免费a级毛片无码a∨免费软件| 国产成人无码免费网站| 欧美日韩中文字幕| 天天看高清无码一区二区三区| 久久久久成人精品无码| 中文字幕 qvod| 日韩乱码人妻无码中文字幕久久| 亚洲毛片网址在线观看中文字幕| 日韩精品无码一区二区三区AV | 亚洲精品无码你懂的网站| а中文在线天堂| 国产精品无码久久综合网| 亚洲AV无码第一区二区三区| 久久精品中文字幕无码绿巨人| 免费无码专区毛片高潮喷水| 亚洲AV无码国产在丝袜线观看| 天堂а√在线地址中文在线| 高h纯肉无码视频在线观看| 亚洲中文久久精品无码ww16| 成人无码网WWW在线观看| 无码人妻少妇久久中文字幕| 国产产无码乱码精品久久鸭| 亚洲AV无码精品色午夜果冻不卡| 久久无码高潮喷水| 中文字幕不卡亚洲| 乱人伦人妻中文字幕无码| www.中文字幕| 最近免费中文字幕mv在线电影| 色欲狠狠躁天天躁无码中文字幕| 亚洲中文字幕无码永久在线| 国产成人一区二区三中文 | 色吊丝中文字幕| 午夜精品久久久久久久无码| 亚洲Av无码专区国产乱码不卡 | 日本妇人成熟免费中文字幕| 免费无码国产在线观国内自拍中文字幕 | 寂寞少妇做spa按摩无码| 中文字幕久久亚洲一区| 亚洲欧洲中文日韩av乱码| 亚洲国产综合精品中文字幕| 无码区日韩特区永久免费系列|