CHINA, the world’s second-biggest corn consumer, will reduce planted acreage for the grain by 3.3 million hectares or 9 percent by 2020, said a top agriculture official, a cut seen as unlikely to significantly dent the country’s huge oversupply.

    China’s attempt to bring supply in line with demand is being closely watched by overseas markets, which also face a glut that pushed U.S. prices to their lowest in almost two years in the second half of last month.

    “By 2020, corn acreage should stabilize at 500 million mu (33.3 million hectares), down by 50 million mu,” said agriculture minister Han Changfu at a meeting in northeastern Jilin Province over the weekend.

    China is seeking to adjust its crop structure because years of State support for farmers led to a jump in corn output far beyond market demand, saddling the government with huge stocks.

    China halted its State stockpiling scheme this year, and the government is urging farmers to grow alternative crops such as soybeans or silage crops.

    (SD-Agencies)