Traders believe China has bought as much as 5 million tonnes of corn since March, and many believe the country will import at least 10 million tonnes for the year, the CME Group said in its Friday morning report.
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Pork prices in China have seen a steep up trend in the past few months. Pork is a very important staple in China, making up 1/3 of the food basket there and contributing as much as 10% to the total inflation picture, CME analysts said. China is still expanding pork and meat consumption in general, and many traders believe they will need to continue to import feed grains.
As seen on marketwatchonline.com
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