China Says Corn Output to Grow, After Fears of Shortfall Drive Prices
By Reuters
BEIJING - 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.