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Agriculture imports forecast down in China

Agriculture imports forecast down in China

BEIJING: Agriculture imports may not be so good for China in the new year. CoBank’s Knowledge Exchange Division says in a new report, China has a multiyear high supply of commodities.

The report blames China’s subsidization of its agricultural sector, which has yielded a huge stockpile and strained storage capacity. China has subsidized the ag sector to an extent that supplies have considerably outpaced consumer spending.

The report cites USDA figures, anticipating China to import 46 percent less corn, 34 percent less cotton, and 35 percent less milk powder in 2016. Wheat, soybeans, and other food grains are still expected to go up, but by smaller margins.