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Oct. 5 (Bloomberg) -- Corn advanced for the first time in four days on speculation that a 26 percent slump from this year’s high to yesterday’s close may attract importers seeking to rebuild stockpiles.
China, the world’s second-largest user, may need to import between 5 million and 10 million metric tons before the end of 2012 to replenish corn inventories, Thomas C. Dorr, president of the U.S. Grains Council, said yesterday.
“A number of analysts estimate China’s corn import requirements will be greatly above the numbers given by the U.S. Department of Agriculture, and that China could have an import need in the 2011-12 marketing year of between 5 million and 10 million tons,” Paris-based farm adviser Agritel said in an online comment.
Corn for December delivery gained 9.25 cents, or 1.6 percent, to $5.97 a bushel at 1:15 p.m. London time on the Chicago Board of Trade. Futures have plunged from a three-year high of $7.93 on June 9, touching $5.7225 on Oct. 3, the lowest level since December.
As of Sept. 24, shipments from the U.S. at Chinese ports were estimated to cost 100 yuan ($15.68) per ton less than domestic supply, after accounting for taxes, state-backed researcher Grain.gov.cn said in a report on Sept. 28.
The nation may seek extra imports as it did in March, when prices fell after the earthquake in Japan, and after a June 30 report by the U.S. Department of Agriculture showing higher- than-expected U.S. supply, Morgan Stanley said in an Oct. 3 report.
Wheat for December delivery climbed 11 cents, or 1.8 percent, to $6.15 a bushel in Chicago. Milling wheat for November delivery rose 1.75 euros, or 1 percent, to 184 euros ($245) a ton on NYSE Liffe in Paris.
Soybeans for November delivery gained 12.75 cents, or 1.1 percent, to $11.7275 a bushel in Chicago, heading for their first gain in four sessions.
--With assistance from Luzi Ann Javier in Singapore and Phoebe Sedgman in Melbourne. Editors: John Deane, Dan Weeks
-0- Oct/05/2011 12:38 GMT
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