Can World Supply China Corn?
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China's National Bureau of Statistics said that farms produced a record corn crop in 2011 of 191.8 million tonnes. But enthusiastic local officials often overstate the size of crops in China to impress central authorities and win bigger subsidies.
Beijing and the influential U.S. agriculture department may have overstated China's corn crop by as much as 14 percent, pointing to higher imports from the world's second-largest consumer of the grain that could squeeze already tightening global supplies.This large misalignment of estimates versus reality will cause turmoil in the commodity markets and effect the local markets for feed grain and impact beef, pork, and poultry producers.