China corn futures prices have risen to their highest level in a month, as arable land has been smaller than planned and is currently very dry in the northeast of the country, where most of the maize is grown.
The most traded corn future on the Dalian Commodity Exchange for delivery in December 2018 today rose 0.69% at the close of trading to 1,762 yuan per ton (232.40 € / to).
The drought in parts of the country and the smaller than expected acreage for corn as well as higher field purchase costs drove up the prices on the futures market.
China's farmers were expected to grow more corn this year, prices have remained high since the last harvest. In addition, the government in Beijing promoted the cultivation of soybeans more than corn.
China's corn crop in 2018 is estimated by the Ministry of Agriculture to be 210 million tons; that is 2.9% less than in the previous year.
Text: HANSA Derivatives Trading GmbH /
