BEIJING Feb 9 Beijing on Thursday cut its
forecast slightly for China's corn surplus due to
better-than-expected domestic demand, as the government embarks
on a strategy to erode its vast stockpile, curb acreage and
In its monthly crop report, the Ministry of Agriculture said
it expects the balance for the 2016/17 season that ends on Sept.
30 to total 4.41 million tonnes, down from 5.11 million tonnes
from last month.
The data does not include the government's state reserves,
which are estimated to be around 200 million tonnes, equivalent
to one year's worth of demand.
For soybeans, it cut its estimate for the size of the
domestic deficit slightly to 2.19 million tonnes from 2.16
million last month as it forecast higher output.
(Reporting by Beijing newsroom, Hallie Gu and Josephine Mason)