Tridge summary
The US Department of Agriculture forecasts a 4.2% rise in China's corn production for the 2023-2024 season, reaching 288.8 million tons, due to an increase in planting area and favorable rainfall. This is expected to lead to a decrease in corn imports and lower purchase prices. Conversely, wheat production is predicted to drop by 0.8% to 136.6 million tons, despite an increase in wheat acreage, due to heavy rains affecting yields. Wheat imports are estimated to reach 12.5 million tons, with record volumes expected in Q4 2023.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Increased planting area and good rainfall will lead to an increase in corn production in China by 4.2% to 288.8 million tons in the 2023-2024 season. The forecast of the US Department of Agriculture (USDA) was reported on January 26 by the online publication World Grain. About 223 million tons are required for animal feed and technical purposes, according to USDA estimates. Corn imports to China will decrease due to the period of own supplies, which will reduce purchase prices. Technical requirements will increase by 1 million tons compared to the previous estimate, and ethanol production from corn will become more profitable. Corn starch production was at 58% capacity in the last quarter of 2023, up 7% from the third quarter. “Food ethanol and industrial ethanol plants are expected to be busier in 2023-24 than in the previous two years,” USDA said. The department lowered its corn import forecast by 3 million tons to 20 million tons. Chinese farmers called for a suspension of ...
Source: Zol
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