China boosted its estimate for soybean
imports for the current marketing year to 91m tons, citing
better crushing profits and the implementation of the phase-1
trade deal with the U.S., according to China Agricultural Supply
and Demand Estimates (CASDE).
* That’s 3.32m tons higher than last month’s projection
SOYBEANS
* China’s 2020-21 soybean imports are estimated to rise further,
up 2.6m tons from the previous year to 93.6m tons
* Country’s own acreage for 2020-21 crop year seen up 2.6% due
to subsidy incentives to growers and rise in domestic soy prices
** Output seen at 18.8m tons, +4% y/y
CORN
* 2020-21 corn imports are expected to increase by 1m tons from
previous year to 5m tons as overseas prices are cheap and
shipments from the U.S. are expected to rise “noticeably”
* 2020-21 consumption seen at 285m tons vs output at 267m tons
** Hog breeding is recovering, while poultry breeding will
remain elevated
* 2020-21 acreage is forecast to rise 1% from previous crop year
to 41.7m hectares
(Bloomberg)