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China’s domestic grain output, storage able to meet demand: experts

By Zhang Ye (Global Times)

08:12, August 17, 2012

The ongoing drought in the US would have little impact on China's domestic grain market, Nie Zhenbang, former director of the State Administration of Grain, said at an economic forum held in Beijing Thursday.

China's grain storage and production this year would be enough to meet the country's demand, Nie noted.

The total domestic grain consumption this year is expected to be 567 million tons, with the production projected to reach 571 million tons, Ma Wenfeng, an analyst from Beijing Orient Agribusiness Consultant Co, told the Global Times Thursday. China's grain storage at the end of this year is expected to be 235 million tons.

"Although corn output is likely to drop due to an insect plague, overall supply and demand in China's grain market would be stable," Ma noted.

The drought in the US would surely hurt global grain output, pushing up the grain prices, especially that of grain futures, said Nie.

According to a report issued by the Food and Agriculture Organization of the United Nations in August, the Food Price Index, covering 55 kinds of food commodities, jumped to 213 points in July, 12 points, or about 6 percent higher than June. The Cereal Price Index climbed 17 percent to 260 points in July.

Some experts said that the world grain price increase would prompt China to cut down its grain imports and rely on domestic supply to meet the demand.

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