US corn exports will be boosted by Chinese buying

Introduction: Chicago, Nov 30 news: China, the largest competitor of US corn export, cancelled 1 million tons of corn export sales and bought 500000 tons of corn from the US, industry insiders said on Friday Therefore, US corn export to Asia is expected to be boosted Corn futures on the Chicago Board of trade (CBOT) soared to about 8.5 cents to $2.125 a bushel in January after China cancelled sales and bought us corn China has always had the advantage of low shipping cost in exporting corn to its Asian neighbors, but with China's official accession to the WTO next month, this competitive advantage will be severely reduced, because export subsidies will be limited after accession to the WTO "It's important that these corn is sold from one exporting country to another," said Joe victor of Allendale, referring to U.S corn exports to China "In the past, China's competition has made us prickly, but now China is shaking its olive branch China will continue to be a corn exporter, but I don't think the export volume will be large " He added China's purchase of U.S corn was announced by the U.S Department of agriculture, just after China announced that it had cancelled sales of 1 million tons of corn, part of the 3.5 million tons sold in an export bid in August An official of Jilin grain group told Reuters that the company has agreed to cancel the 1 million tons of corn sales by international traders Cereals is one of two government authorized corn exporters in China COFCO also cancelled some export sales, but did not give details, the official said Rumors in the U.S corn export market suggest that sales of corn cancelled by cereals and COFCO may exceed 1.5 million tons Shawn McCambridge, an analyst at bacon securities, said that the news that China had just cancelled the sale of corn, followed by China's purchase of American corn, was quite unexpected In the past, he said, there have been doubts that China could not fulfill its corn export plan, but one million tons is not a small number China exported as much as 1 million tons of corn last year, and will open the door to import corn from 2002 According to the agreement on China's accession to the WTO, China has to allow the import of up to 5.85 million tons of corn next year, up to 6.53 million tons in 2003 and 2.66 million tons in 2004 Grain agents say U.S suppliers are likely to benefit from China's future corn imports Looking around, one broker said, the world's major corn exporters today are the United States, Argentina, China, and South Africa, which exports less He said that Argentina's corn production will be reduced due to the delay of corn planting caused by rainy weather for several weeks, which will reduce the number of countries with options in the world's corn export supply Earlier this month, the U.S Department of agriculture lowered Argentina's corn export forecast for 2001 / 02 by 1.7 million tons to 9 million tons, and lowered Argentina's production forecast from 15.5 million tons to 14 million tons, due to rainfall in Argentina, resulting in lower than expected corn planting area (author:) share to feed Weibo share to: