wCorn demand in South Korea to rise after sugar surge
Wednesday, 19 May 2010
NEW DELHI, May 18 (Bloomberg): Corn demand in South Korea, the third-biggest buyer, may climb as much as 6 per cent after a surge in sugar prices earlier this year spurred a shift to the grain as a sweetener, the nation's top food processor said.
Consumption may increase to as much as 8.8 million metric tons this year from 8.3 million tons in 2009, Sung J. Park, Executive Vice President at CJ CheilJedang Corp., said in an interview yesterday. Corn demand for food use may jump 26 per cent, while raw sugar consumption may drop 6 per cent.
Corn in Chicago has tumbled 14 per cent this year on forecasts for increasing output from Argentina and Brazil, the biggest exporters after the US Sugar reached a 29-year high of 30.4 cents per pound on Feb. 1. Prices have since fallen 54 per cent, partly on bets that higher output in India and Brazil will curb a supply deficit.
Consumption may increase to as much as 8.8 million metric tons this year from 8.3 million tons in 2009, Sung J. Park, Executive Vice President at CJ CheilJedang Corp., said in an interview yesterday. Corn demand for food use may jump 26 per cent, while raw sugar consumption may drop 6 per cent.
Corn in Chicago has tumbled 14 per cent this year on forecasts for increasing output from Argentina and Brazil, the biggest exporters after the US Sugar reached a 29-year high of 30.4 cents per pound on Feb. 1. Prices have since fallen 54 per cent, partly on bets that higher output in India and Brazil will curb a supply deficit.