China: Grain and Feed Update
Forecast MY2015/16 corn production is revised slightly higher, while forecast rice and wheat production are lowered slightly. Production of all three grains is still forecast at record or near record levels, resulting in continued growth in government stocks. Wheat feed and residual is adjusted lower for the past three years, as wheat has become less competitive as a feed ingredient. Corn consumption is mixed; feed use is forecast lower but industrial consumption is raised as the government promotes industrial use of deteriorated corn stocks. MY2015/16 sorghum imports are still forecast at a record 9 million tons based on strong demand for cheaper alternative feed ingredients.
