Thursday, 12th January 2012
In Business In Japan,
Japan corn imports to break record
Corn imports into Japan look set to break a record after the country doubled its supply from Europe in recent months.
Already the world's biggest importer of corn, the past two months have seen Japan double its imports of the grain from Europe as it heads towards a record volume of shipments from the region.
Bloomberg reported that between November and March last year, Corn shipments to Japan from the Black Sea region surpassed the 1.5 million tons marks.
Prices of corn from the Americas have risen recently, meaning Japanese traders have opted to import from countries in Europe.
Kazuhiko Saito, an analyst at the Tokyo commodity broker Fujitomi Co, told the news provider: "European shippers offered corn to Japanese buyers at prices more than $20 a ton cheaper than the US.
"They are taking advantage of depreciating currencies against the US dollar."
During the last fiscal year, Japan imported a total of 10.8 million tons of corn, with 88 per cent of this arriving from the United States.
Last week, the Japanese Ministry of Agriculture announced plans to create a farm run by robots on land damaged by the Tsunami in March.
Written by Susan Ballion