Japan Seen Boosting Imports of U.S. Corn Amid Bear Market
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Japan, the largest corn buyer, will probably boost U.S. imports after cutting its reliance on American grain to the lowest-ever level, as Chicago futures entered a bear market, industry officials said.
Purchases for the three months through September may jump 41 percent to 2.6 million metric tons from this quarter, said Nobuyuki Chino, president of Continental Rice Corp. in Tokyo. U.S. prices are becoming competitive against South American and European supply, leading to a recovery in demand, Mitsuyoshi Haruno, executive director for Japan Feed Trade Association, said in an interview in Tokyo.