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Global Corn Market Focusing on China

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China estimates the country’s corn planting area will fall for the first time in 13 years as the nation prepares to end its corn stockpiling program. Planting area of corn in China is expected to fall more than one million hectares, or three million acres, this year. The planting area announcement comes as global markets are bracing for the fallout from China ending the nation’s corn stockpiling program, according to Reuters. China has nearly 250 million metric tons of corn in storage, and the markets are closely watching how the country plans to dispose of the stockpile. China could choose to export the surplus corn, causing a shakeup of the global corn export market. An agriculture official from China said this week that “During this reform process, and as the corn market changes, we must ensure that farmers remain positive about growing.”

The support program helped boost China’s corn planted area to 37 million hectares last year. However, with the program ending, farmers there are expected to switch to other crops, including soybeans.

Source: NAFB News Service