Source: U.S. Grains Council
The U.S. Department of Agriculture reported that China has accepted 115,000 metric tons (4.5 million bushels) of U.S. corn. Despite strong production gains as a result of market-based reforms instituted 30 years ago, according to the U.S. Grains Council, the rapid growth of China's agricultural output has begun to be outpaced by demand. The convergence of China's demand and production, in conjunction with their dramatic economic growth, has likely encouraged China to open their markets to corn imports.
"For the past 30 years, the U.S. Grains Council has had a presence in China, working with local producers, feed millers and manufacturers to demonstrate the value and cost effectiveness of U.S. corn and their co-products," said Rick Fruth, USGC chairman and Ohio corn farmer. "We are pleased to see that these market development efforts by the Council are being realized in corn sales to China. We anticipate China to be a long-term importer of U.S. corn and co-products."