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US corn exports stand to benefit if China curbs its exports or imports the grain to contain food inflation, but high prices would likely deter imports by China this year. China's National Development and Reform Commission (NDRC) said it will encourage imports of corn amid signs that rising food prices threaten to accelerate inflation.
"I see absolutely no way that corn will move into China any time soon," said a US grains broker. "The economics don't work." Chinese corn costs roughly about $200 per tonne, while international corn would cost well over $300 per tonne delivered.
"Whether or not it results in imports waits to be seen mainly because on paper their balance sheet has been tightening but is adequate to meet their needs," said analyst Shawn McCambridge, Prudential Financial in Chicago. China has often been the world's third-largest corn exporter, after the No 1 United States and Argentina.

Copyright Reuters, 2007

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