The U.S. ag attache in China says the country's corn production in 2012-13 is expected to drop about 1% from 2011-12, with corn imports expected similar to last year at 4 million metric tons (MMT) due to "continued strong feed and industrial demand."
Link to full report.
The attache projects China's 2012-13 corn crop at 190 MMT assuming an above average yield, which would be down from 191.7 MMT in 2011-12. The attache also expects the country's ending stocks to fall from 57 MMT to 55 MMT. "With rising meat production and continued consolidation in the livestock industry, Post (attache) expects China's feed demand to continue to put pressure on domestic grain production and supplies."
Also, the attache expects China's 2012-13 total oilseed production at 56 MMT, down its previous estimate of 56.6 MMT. "Total oilseed demand will stay strong, particularly for soybeans, with 2012-13 consumption forecast at 118 MMT, up from an estimated 113.6 MMT in 2011-12," says the attache. "Consumer affluence will drive soybean imports to 59 MMT in 2012-13 to meet increasing demand for animal products and vegetable oils."