Following are selected highlights from a report issued by the U.S. Department of Agriculture’s (USDA) Foreign Agricultural Service post in Beijing:
“Feed production is forecast lower on declining demand from poultry and livestock producers. Corn production in MY (marketing year) 2024/25 is forecast larger than MY2023/24 due to improved yields and a slightly larger planting area, despite government policies encouraging increased soy area and reduced corn area. Lower corn prices will encourage higher corn utilization and lower wheat utilization in feed production. Forecast sorghum and barley production will remain stable in MY2024/25, while wheat production is forecast 1% higher on improved yield and steady planted area. MY2024/25 rough rice production is forecast to increase slightly due to larger planting area and yield.”
“…Post forecasts MY2024/25 corn imports at 20 MMT (million metric tons), lower than the MY2023/24 estimate, as the People’s Republic of China (PRC) continues to promote higher local production via better yield on stable area. However, persistent higher domestic corn prices than imported prices will still drive corn imports.”
To read the full report, click: https://tinyurl.com/yc7yaak9
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