USDA FAS sees reduced corn demand from China
The USDA’s Foreign Ag Service expects China’s corn imports to decline in the new marketing year.
The FAS projects new crop imports at 20 million tons, down from 30 million last marketing year, due to generally slower feed demand and increased usage of less expensive alternatives like rice and wheat.
Sorghum imports are expected to rise to 9 million tons, but that is well below the official USDA guess of 9.8 million tons, and wheat imports will likely be down on the year due to higher domestic production.
For 2022, the FAS estimates a 5% decline in hog production, but with a larger number of animals in larger-scale operations, while chicken production is expected to be up 2% and cattle production should be modestly higher.
The new marketing year in China started October 1st.
The USDA’s next set of official supply and demand numbers is out Tuesday, October 12th at Noon Eastern/11 Central.