Domestic harvest won't meet projected demand
Numbers may reach 13 million metric tons in 2012–2013 from 4 million metric tons in 2011–2012, according to Mike O’Dea, senior risk manager at INTL FCStone. The domestic harvest may hit 187 million metric tons in 2013, 6.5 percent less than projected demand. “We’re projecting a doubling of imports this year, and doubling again next year because they’ve got to maintain that reserve stock,” said O’Dea. China’s government sold some of its corn stockpiles in 2011 to combat inflation.