CHINA’S CORN PRODUCTION ESTIMATED HIGHER IN 2023-24
China’s corn production estimate for 2023-24 increased by 4.2% to 288.8 million tonnes, according to a report from FAS. Corn feed and residual use is estimated at 223 million tonnes. Feed mills are likely to mix more corn in rations on greater local supply, lower domestic prices, and lower imported corn prices, the FAS said. Demand for industrial use was up by 1 million tonnes from the previous estimate with corn-based ethanol profits increasing. Corn starch plants operated at an average of 58% capacity in the last quarter of 2023, up 7% from the third quarter.
Corn imports are estimated at 20 million tonnes, 3 million tonnes lower than the previous estimate. Farmers were calling for the suspension of grain imports to protect farm incomes as prices fell below cost. Wheat production in 2023-24 was adjusted to 136.6 million tonnes, down 0.8%, or 1.1 million tonnes, from last year due to apparent losses from heavy rain that hit key growing areas just ahead of the harvest. Wheat imports are estimated at 12.5 million tonnes. Of that total, 7 million tonnes was from Australia, 2 million tonnes from Canada, and 90,000 tonnes were from the United States.
(Link: WorldGrain)
RECENT RAINFALL BOOSTS AUSTRALIAN GRAIN OUTPUT
Despite the presence of an El Niño weather pattern, Australia’s eastern states have received above-average rainfall in recent weeks to boost grain production estimates for the 2023-24 marketing year, according to FAS. The timely rains have prompted a rise in the country’s sorghum and rice production estimates and kept projections for wheat and barley output close to the yearly average over the last decade. Wheat production is expected to reach 25.5 million tonnes, barley output is seen at 10.5 million tonnes. The rains have increased estimates for the sorghum crop to 1.8 million, the majority of which will be exported, the FAS said, while the rice crop for 2023-24 is estimated at 522,000 tonnes, one of the highest totals in recent memory.
(Link: WorldGrain)
