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4 Cargoes of US corn due in China in July

Published on 14 July, 2010, Last updated at 09:48 GMT
 
4 Cargoes of US corn due in China in July

Four cargoes of U.S. corn are expected to arrive in China in July as exporters have advanced delivery of some cargoes, according to a think-tank report.

China, the world's second-largest consumer, may have booked about 21 cargoes, or 1.26 million tonnes, from United States, feed mills, officials said. The volume was larger than figures reported by the U.S Department of Agriculture.

"U.S. supplies for August shipment have sold out. Feed mills are not taking shipment after August, there are big risks for cargoes arriving after that period," said an official with a major feed mill.

A good crop outlook could pressure domestic prices after the new harvest, which will be available from September in some areas.

Another official said big feed mills had used up their import quotas, including state-owned COFCO Co. Ltd. Beijing has not issued fresh quotas to COFCO beyond 1 million tonnes.

Of the cargoes to arrive this month, three would arrive in the southern province of Guangdong in mid to late July, while one would arrive in the southern province of Fujian, said the China National Grain and Oils Information Center (CNGOIC).

One cargo is about 60,000 tonnes of corn.

Buyers of the three cargoes in Guangdong includes mills of Haid Group, Wens and Twins, they said.

The imports could ease tight domestic supply, which traders said could continue to drive up domestic prices in the next two months.

The center cited a large feed mill in central China as saying it could not source enough corn and had increased imports on concern about shortages and sharp price rises in coming months.

 

 
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