China raises 2023/24 corn production outlook, lowers soybean estimates

China’s agriculture ministry raised corn production forecast but lowered its estimates for soybean output in the 2023/24 crop year in its January outlook released on Friday.

Corn production is forecast at 288.84 million metric tons, slightly higher than its previous forecast of 288.23 million tons due to a larger estimated planting size, the data showed.

The ministry lowered its forecast for soybean production to 20.84 million tons from its previous estimate of 20.89 million tons, in line with reduced yield growth forecast, but did not specify the reason for it.

The country’s pig inventory is at a relatively high level and supports demand for animal feed made from soybeans, the monthly Chinese Agricultural Supply and Demand Estimates (CASDE) report said.

Pork consumption has picked up with Spring Festival approaching and traders will need to replenish stocks, the report said.
Source: Reuters (Reporting by Mei Mei Chu and Beijing Newsroom; Editing by Varun H K)