China Agriculture View

China will likely purchase about 5 million metric tons of corn in the crop year that started Oct. 1, analysts said, citing the China National Grain and Oils Information Center Tuesday.

The forecast is lower than what the market expects, as estimates around July had already placed the volume at 6 million tons or above in the period, analysts said.

“The figure is probably closer to somewhere between 5 million and 10 million tons,” said an analyst with the influential Shanghai JC Intelligence Co. agriculture consultancy.

The CNGOIC reports also said China bought 3 million-4 million tons of corn in the first half of the year, and may import 1.5 million tons of wheat in the 2011-12 crop year.

The wheat import volume may reach 2 million-3 million tons, the JCI analyst said.

-By Chuin-Wei Yap, Dow Jones Newswires; 8610 8400 7704; chuin-wei.yap@dowjones.com.

(END) Dow Jones Newswires

October 24, 2011 23:50 ET (03:50 GMT)