Growing industrial consumption of corn in China saw estimations between October 2017 and September 2018 rounded up by 1.5 million tonnes to 224 million, according to a report by the country's Ministry of Agriculture and Rural Affairs. Despite the rising demand, the price is expected to remain stable at between CNY1,600 ($253) and CNY1,700 ($270) per tonne, due to continued oversupply. The report also projected soybean imports of 95.97 millions tonnes for the 12 months ending in September 2018. The United States has been one of China's biggest buyers for years, but its appetite for U.S. corn, soybeans and other agricultural products appears to be waning.
Growing industrial consumption of corn in China saw estimations between October 2017 and September 2018 rounded up by 1.5 million tonnes to 224 million, according to a report by the country's Ministry of Agriculture and Rural Affairs. Despite the rising demand, the price is expected to remain stable at between CNY1,600 ($253) and CNY1,700 ($270) per tonne, due to continued oversupply. The United States has been one of China's biggest buyers for years, but its appetite for U.S. corn, soybeans and other agricultural products appears to be waning.