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· China likely to continue U.S. corn and soybean purchases
· China says corn output to grow, after fears of shortfall drive prices
China likely to continue U.S. corn and soybean purchases
By Will Robinson, Brownfield
October 15, 2020
A University of Missouri ag economist says he believes China will continue purchases of U.S. corn and soybeans.
Seth Meyer tells Brownfield even after the WASDE report showed low ending soybean stocks, China’s rebuilding of its hog herd will continue to drive the soybean market.
“We saw them make some pretty big buys when prices were much higher than they are now, right,” Meyer said. “If they need it, there’s a tendency for them to buy it.”
Meyer said China might expand its corn trade-rate-quota by four times its size which would be about one billion more bushels of corn trade. He said China’s expansion of its trade-rate-quota for corn is also a positive signal...
more, including audio [19:14 min.]
China says corn output to grow, after fears of shortfall drive prices
Reporting by Hallie Gu and Tom Daly; Editing by Lisa Shumaker, Reuters
via Successful Farming/Agriculture.com - 10/15/2020
BEIJING, Oct 15 (Reuters) - China's agriculture ministry said on Thursday that the country's corn planting acreage had remained "basically stable" this year and annual output was set to increase despite the northeastern cornbelt being hit by three typhoons in recent weeks.
The ministry's comments, attributed to an unnamed official, came after Chinese corn futures hit a record high of 2,595 yuan ($385.75) a tonne on Wednesday as investors bet that crop damage and a recent selldown of state reserves could leave the market short.
"In late August and early September, the northeastern production area suffered three consecutive typhoons," said the official from the market and information department at the Ministry of Agriculture and Rural Affairs.
Corn yields in most of these areas were unaffected, however, the official said, adding that total corn output was expected to rise this year.
As more corn from producing areas comes on to the market and imported corn and corn substitutes reach Chinese ports, the supply tightness...