Corn falls despite weak Chinese demand warnings
Economies.com
2019-08-12 14:48PM UTC
Corn prices fell today, shrugging off the Chinese government's warnings of a declining its corn consumption in the 2019-2020 season.
Chinese Ministry of Agriculture stated that it has lowered its forecasts for corn consumption in the 2019-2020 season due to an outbreak of African swine fever.
China's corn consumption is currently less by 2 million tonnes from the 280 million tonnes forecasts of 2 months ago.
China said that its corn fields have fell by 23.9% in May, compared to the same month in 2018.
While the US-China trade tensions continues as China stopped purchasing US agricultural goods.
As of 14:36 GMT, corn fell by 1.5% to $411.5 a bushel, with a high of $4117.7 and a low of $410.7.
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