Many analysts see signs that China’s corn market is reaching the turning
point in a decade-long cycle. China curtailed corn exports in calendar year
2004 and may begin to import corn during marketing year 2004/05.
Reduced Chinese exports are also driving U.S. prices higher. Higher prices
and increased shipping rates have kept U.S. corn out of the China market,
but growing demand and limited production capacity will eventually make
China a net importer of corn. China’s reduction in exports will expand
opportunities for U.S. exports.