China: Grain and Feed Annual
Link to report:
Post forecasts China’s marketing year (MY)21/22 corn imports at 15 million metric tons (MMT) as market signals are encouraging additional domestic production over MY20/21 levels. Post estimates MY20/21 corn imports at a record 28 MMT. The increase from past estimates is due to continued feed demand and a supply deficit that supports restocking of reserves. China’s MY21/22 total feed and residual use are forecast to increase by 17 MMT, a 6.7 percent increase over MY20/21. Corn prices remain high and commercially held corn stocks are at levels not seen in 15 years. Record volumes of old rice and wheat stocks are entering feed mills and deep processing plants as substitutes for high-priced corn. Industry members forecast the corn supply-demand situation will not change until late calendar year 2021 or 2022 at the earliest.