January 17, 2021

China lowers 2021/2022 corn consumption estimates on low demand


China's Ministry of Agriculture and Rural Affairs has decreased its 2021/2022 corn consumption estimates because of reduced demand from the feed industry and industrial users, Reuters reported.

Estimates dropped from 290.7 million tonnes to 287.7 million tonnes, according to the ministry's monthly crop report.

The report cites reduced corn demand was due to declining swine prices and increased grains imports.

According to the Chinese Agricultural Supply and Demand Estimates (CASDE), the ministry's China's 2021/22 soybean acreage, output and consumption estimates remained unchanged from last month.

In December 2021, the agriculture minister said China will stabilise corn production and expand soybean output in 2022 to ensure grain security.

Farmers in northeast China focus on profits when selecting to grow corn or soybean.

-      Reuters