China cuts corn production forecast in 2017/18

China will produce 210m mt of corn in the 2017/18 crop year, according to the latest estimate from the Chinese Ministry of Agriculture, revising down its previous estimate by 1.1%.

The ministry also raised its forecasts on industrial consumption by 1m mt to 61.3m mt. Overall, production of corn is expected to decline from last year’s figure of 220m mt, yet the country is still expected to finish with stockpiles of 230m mt, largely due to years of state support.

In a bid to cut stocks and emissions of greenhouse gases, China last month said said it would launch a programme to make larger use of bioethanol in fuel.

China is already the world’s third largest bioethanol producer, using nearly 2.6m mt of bioethanol a year, and expects the roll-out of renewable fuel will restore supply and demand balance in its market within three to five years.