Record corn prices to keep imports this year at lowest level since '86

Corn imports by Japan, the world's largest buyer, will stay at the lowest level since 1986 as record prices spur feed makers to increase purchases of cheaper alternatives, a trade group said.

Shipments this year will be little changed from 15.3 million metric tons in 2011, said Mi tsu yo shi Haruno, executive director at the Japan Feed Trade Association. Feed makers, ramping up output hurt by last year's historic earthquake and tsunami, will boost consumption of wheat, wheat bran and dried distillers' grains with solubles (DDGS), he said.

Corn climbed to a record $8 a bushel on July 23, soaring 58 percent from the June 15 settlement, as drought scorched crops in the United States, the world's top producer and exporter, triggering concern that global food costs will surge. The U.S. government declared almost 1,300 counties in 29 states are natural-disaster areas because of the drought.