While agricultural markets focus on Russia's devastating drought,another large shift in soft commodity production and consumption is lurking in this background:China's mediocre crops this year,combined with a shift in dietary habits,have strained the country's traditional sufficiency in grains,leading to higher prices and large imports.
The rises of corn and soyabean imports have raised questions over whether Beijing's policy of grain self-sufficiency will be sustainable as the demand rises and agricultural land shrinks under the advance of cities.Meanwhile, corn imports are at levels not seen in 15 years, and soyabean imports have doubled in the past five. |
