Corn futures in Dalian fell to the lowest
intraday level in almost two months amid speculation over the
possibility of more import quotas and as the market awaits a
delayed auction from state reserves.
China is likely to utilize its entire low-tariff corn
import quota of 7.2 million tons this year due to attractive
import margins and strong domestic demand, Bryan Lohmar,
director of the U.S. Grains Council in China, said last week.
The Asian country has bought almost 2 million tons of U.S. corn
for the current and next marketing years, Lohmar told a JCI
conference, citing USDA data.
Corn futures in Chicago fell for the first time in four
days, and are trading not far from the lowest levels since 2009.
The American crop is 80% planted versus a five-year average of
71%. Wheat prices held near their weakest level since October
for the rolling most active contract on prospects for record
supplies.
(Bloomberg)