No end in sight..
According to an article in the Financial Times:
The US Grain Council, the industry body, said late on Thursday that it has received information pointing to Chinese imports as high as 9m tonnes in 2011-12, up from 1.3m in 2010-11. If true, it means that the corn market is a lot tighter than even the most bullish traders imagine. The US Department of Agriculture, which compiles benchmark estimates of supply, demand and stocks, forecast Chinese imports at just 1m tonnes in 2011-12.
Most of it is a direct result of higher meat consumption as more Chinese gets richer, more can afford meat. And meat is an inefficient way to deal with land, it needs about six times the land surface (compared to direct human grains consumption on an equivalent caloric basis).
Well, ladies and gents, faites-vos-jeux..