China has today increased its estimate of corn imports by 200,000 tonnes to 1.2 million tonnes in the 2017/18 marketing year. A rally in local market prices encourages buyers to resort to cheap imports.
China's end-of-corn statistics this season, which will last until September, now show a deficit of 4.37 million tonnes. In December, it was still expected to be 4.57 million tons, the Ministry of Agriculture said in its monthly report CASDE.
China's soybean oil imports in 2017/18 are estimated at 300,000 tonnes. That's 350,000 tons less than in the December report. On the other hand, soybean imports, which are processed into scrap and oil in China, are boosting their own oil production.
Text: HANSA Derivatives Trading GmbH / and CASDE
