China's corn exports projection slashed due to supply gap

BEIJING - China's Ministry of Agriculture and Rural Affairs has slashed its projection for the country's corn exports from October 2017 to September 2018, due to a supply gap.

Corn exports during the period are estimated at 200,000 tons, down 300,000 tons from the projection made last month, according to a report by the Chinese Agriculture Outlook Committee, an advisory body under the ministry.

"Corn production could not meet domestic demand, and the export amount was below expectations," the report said.

In the period between October 2018 and September 2019, corn output is expected to drop 2.9 percent year-on-year to 210 million tons.

That would be a result of higher subsidies for soybean production and drought in certain parts of the northeastern crop growing areas, according to the report.

Meanwhile, corn consumption will continue to grow in that period, partly because of increased demand for pig raising and industrial processing.