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2021
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07
Reduce China's corn production and sorghum barley imports
The National Grain and Oil Information Center (CNGOIC), China’s grain think tank, released a report that lowered the forecast of China’s corn production in 2015/16 to 229 million tons
The National Grain and Oil Information Center (CNGOIC), China’s grain think tank, released a report that lowered the forecast of China’s corn production in 2015/16 to 229 million tons, which is 3 million tons lower than the earlier forecast, due to drought in parts of Northeast China. Influence.
However, the reduced corn output still set a record high, an increase of 6.2% over the previous year's output. The high yield of corn means that the central government will face more pressure in reducing its huge corn stocks and restricting imports.
According to the National Grain and Oil Information Center, sufficient domestic corn supply, coupled with huge stocks, and falling domestic prices will restrict imports. The center expects that China's imports of sorghum and barley will decrease in 2015/16 (from October to September of the following year). The Chinese government recently introduced a new licensing policy aimed at controlling the increasing import of corn substitutes.
The center predicts that China’s imports of sorghum in 2015/16 will fall to 7 million tons, which is lower than the expected import volume of 10 million tons in 2014/15. China's barley imports in 2015/16 are expected to be 6.5 million tons, which is also lower than the current year's expected imports of 9 million tons.
In July this year, China's imports of corn and corn by-products (including corn distillers' dried grains) hit an all-time high because feed processors used cheap imported supplies to replace high-priced domestic corn.
The center said that the decline in imports will help increase domestic corn demand to 179.5 million tons in 2015/16. The surge in imports of corn substitutes caused domestic corn consumption in 2014/15 to drop to 170 million tons for the first time in many years.
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