China: Grain and Feed Update
Harvest is underway for spring/summer crops. The 2018/19 corn production forecast is lowered as weather and pest-related stress reduced yield potential. China’s imposition of additional tariffs against U.S. exports of sorghum is expected to lower imports and consumption. Wheat estimates are unchanged. MY2018/19 rice imports are forecast lowered as domestic rice becomes more competitively priced. Additionally, record state-owned corn auctions mitigated some upward market price movement in the second half of 2018.