Content ID

317961

RPT-UPDATE 2-China cuts forecast for feed use of corn in 2021/22 as pig prices remain low

(Repeats item from Friday to add identifier code CASDE/ for financial subscribers.) BEIJING, Sept 10 (Reuters) - China has lowered its 2021/2022 estimates for consumption of corn used to make animal feed as hog prices stay low, the agriculture ministry said on Friday. The official figure is closely watched as plunging prices of pigs in China, the world's top producer and consumer, continued to weigh on demand for animal feed and also impacted global trade. China's 2021/22 feed consumption for corn was seen at 187 million tonnes, down 3 million tonnes from previous month's forecast, according to a monthly crop report on the website of the Ministry of Agriculture and Rural Affairs. Expansion of hog production was expected to slow down as pig prices continued to stay at low levels, curbing feed consumption, the ministry said. China's hog prices have tumbled this year on increased supplies and over fears from fresh African swine fever outbreaks. While the government has moved to take measures to support prices, they stayed at relatively low levels. China also lowered its estimates for both feed and industrial consumption for corn in the 2020/21 marketing year, respectively by 2 million tonnes from the previous year, on elevated prices of the grain, according to the monthly China Agriculture Supply and Demand Estimates (CASDE) report. Feed consumption for corn in 2020/21 was seen at 180 million tonnes, while industrial demand for corn in the year was estimated at 80 million tonnes, according to the report. Feed producers reduced the use of corn as alternative grains such as wheat and rice had obvious price advantage to replace corn. Corn processor also lowered operation rate at plants on falling margins, the ministry said. The ministry raised its estimates China's 2020/21 corn imports by 4 million tonnes, to 26 million tonnes, on significant rise in U.S. shipments. Key numbers from the monthly CASDE report are below: 2019/2020 2020/21 September 2021/22 August 2021/22 September Percentage Estimate Forecast Forecast change Corn - crop year Oct-Sept Planted acreage 41.284 41.264 42.67 42.67 0.00% (mln hectares) Output (mln tonnes) 260.77 260.67 271.81 271.81 0.00% Imports (mln 7.6 26 20 20 0.00% tonnes) Consumption (mln 278.3 282.16 293.7 290.7 -1.02% tonnes) Exports (mln 0.01 0.02 0.02 0.02 0.00% tonnes) Balance (mln -9.94 -4.49 -1.91 -1.09 -42.93% tonnes) Soybean - crop year Oct-Sept Planted acreage 9.354 9.882 9.347 9.347 0.00% (mln hectares) Output (mln tonnes) 18.1 19.6 18.65 18.65 0.00% Imports (mln 98.53 98.6 102 102 0.00% tonnes) Consumption (mln 108.6 113.26 119.08 119.08 0.00% tonnes) Exports (mln 0.09 0.06 0.15 0.15 0.00% tonnes) Balance (mln 7.94 4.88 1.42 1.42 0.00% tonnes) Cotton - crop year Sept-Aug Beginning stocks 7.21 7.36 7.64 7.64 0.00% (mln tonnes) Planted acreage 3.3 3.17 3.107 3.107 0.00% (mln hectares) Output (mln tonnes) 5.8 5.91 5.73 5.73 0.00% Imports (mln 1.6 2.8 2.5 2.5 0.00% tonnes) Consumption (mln 7.23 8.4 8.2 8.2 0.00% tonnes) Exports (mln 0.03 0.03 0.03 0.03 0.00% tonnes) Ending Stocks (mln 7.36 7.64 7.65 7.65 0.00% tonnes) Sugar - crop year Oct-Sept Planted acreage 1.38 1.453 1.388 1.388 0.00% (mln hectares) Cane 1.165 1.191 1.205 1.205 0.00% Beet 0.215 0.262 0.183 0.183 0.00% Output (mln tonnes) 10.41 10.67 10.31 10.31 0.00% Cane sugar 9.02 9.13 9.17 9.17 0.00% Beet sugar 1.39 1.54 1.14 1.14 0.00% Imports (mln 3.76 5.6 4.57 4.57 0.00% tonnes) Consumption (mln 15 15.5 15.5 15.5 0.00% tonnes) Exports (mln 0.18 0.18 0.18 0.18 0.00% tonnes) Balance (mln -1 0.59 -0.8 -0.8 0.00% tonnes) Edible oils - crop year Oct-Sept Output (mln tonnes) 28.3 28.51 29.57 29.57 0.00% Soybean oil 17.01 16.95 17.67 17.67 0.00% Rapeseed 5.69 5.71 6.01 6.01 0.00% Peanut oil 3.28 3.39 3.47 3.47 0.00% Imports (mln 9.35 10.23 8.5 8.5 0.00% tonnes) Palm oil 4.79 5 4.2 4.2 0.00% Rapeseed 1.9 2 1.9 1.9 0.00% Soybean oil 0.86 0.8 0.6 0.6 0.00% Consumption (mln 34.21 35.54 35.54 35.54 0.00% tonnes) Exports (mln 0.27 0.27 0.27 0.27 0.00% tonnes) Balance (mln 3.17 2.93 2.26 2.26 0.00% tonnes) (Reporting by Hallie Gu and Shivani Singh; editing by Clarence Fernandez and Sherry Jacob-Phillips)

© Copyright Thomson Reuters 2021. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about
Loading...

Talk in Marketing