Japan, the world's largest corn buyer, may buy less of the grain as feed-wheat imports almost quadruple this year to the highest level since 2001, as livestock producers seek to cut costs.
Feed-wheat imports may surge to 430,000 metric tons from 112,000 tons in the year that ended March 31, said Ikuho Tomita, deputy director at the agriculture ministry's feed supply and demand planning office. Imports were 473,000 tons in 2001.
Higher imports may stem a 25 percent decline in Chicago wheat futures this year as the United Nations expects the biggest-ever global harvest while Russia and Ukraine ease export restrictions, boosting supply. Feed wheat was offered to Japanese buyers at about $50 a ton cheaper than U.S. corn as shippers compete for sales, said Nobuyuki Chino, president of Continental Rice Corp. in Tokyo.