China: Grain and Feed Update
Link to report:
Post’s MY2021/22 corn import forecast is 20 MMT, 6 MMTs below USDA’s official forecast with the expectation that demand softens as corn imported during the current marketing year enters commercial channels, stock building moderates, and the expansion of domestic corn area results in greater production. In addition, imported corn’s previous price advantage has narrowed as global grain prices and shipping costs are on the rise. Barley imports are increased as feed mills shift to substitute more barely over sorghum. All indications point to a bumper wheat harvest this year. While wheat continues to be substituted for corn in feed rations, there are few reports of imported wheat going into feed, but rather old stocks continue to be auctioned for feed use.
