China's corn import to surge 85 per cent in 2014

The China National Grain and Oils Information Center (CNGOIC) has said that China, currently the world’s second largest corn consumer, will be expected to import five million tonnes in the year starting October, nearly double a forecast of 2.7mn for the current year.

CNGOIC’s 2013/14 estimate was, however, lower than a record seven million tonnes predicted by the US Department of Agriculture (USDA).

The USDA figure was in line with estimates by analysts after the domestic crop was damaged by mould and wet weather delayed planting.

Although planting has been delayed by about two weeks, China's corn harvest will be estimated to rise 2.8 per cent in 2013/2014, while annual domestic demand will be expected to grow by an even faster 5.2 per cent.

China will be expected to harvest 214mn tonnes of corn, while consumption has been projected at 212.63mn tonnes.

China, the world’s top wheat producer is expected to produce one per cent more wheat this year, with the winter harvest due in June seen rising 1.5 per cent to 116.5mn tonnes.

The country’s rice output is expected to rise 1.2 per cent on the year, to 206.7mn tonnes.