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China May Have Smallest Corn Harvest in Four Years


China on Friday slashed its 2017/18 corn output forecast to the lowest level in four years after drought and hail hit planting in the northeastern region of one of the world’s top producers, spurring a rally in futures prices.

In its monthly crop report, the agriculture ministry said it expects 2017/18 corn output of 211.65 million tonnes, down 0.7 percent from last month’s forecast and 3.6 percent lower than last year, reports Reuters.

The figure in June’s Chinese Agricultural Supply and Demand Estimates would make it the smallest crop since 2013, according to the China National Grain and Oils Information Center think tank.

Farmers in parts of China’s northeast corn belt regions switched to soybeans and substitute grains after drought made it hard to plant corn, leading to a drop in corn acreage, the CASDE report said.

Source: U.S. Ag Net

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