March 30, 2016

30/03/2016: USGC statement on China corn policy changes
 Image: Thomas Fisher Rare Book Library, UofT
The US Grains Council's President and Chief Executive Officer Tom Sleight yesterday expressed a cautious but hopeful response to China's statement that it will cease stockpiling corn.

“Like others, we are closely following the market implications of the announcement from China that it will end its corn stockpiling program and reduce its surpluses of corn that have negatively impacted global markets," Mr Sleight said.

“Our offices in Washington and Beijing have been monitoring signals that reforms were coming. While we are surprised they have been accelerated, we are hopeful they will be a step in the right direction toward more market-oriented decisions related to the supply and demand for corn.

“Although domestic corn prices in China have declined by about 30 percent in the past six months, and this announcement has had market impacts already, Chinese corn is still priced well above the world market. We will be seeking additional details about this announcement and monitoring its ongoing impact on feed grains markets, particularly as farmers in both our country and China begin planting.

“The Council has engaged in China for more than 30 years on a wide range of issues. We value this complex relationship and look forward to continuing to work in the market for mutual benefit.”

Visit the USGC site HERE.

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