World: Chinese demand for almost all agri-produce seen as the main market factor
The main market factor has been the insatiable Chinese demand for almost all agri-produce, H. M. Gauger GmbH analysts said in their November report.
The Chinese pig inventory recovered to 80% of its pre-ASF numbers. The feed demand is estimated up 10%, i.e. 45-50 mln tonnes of grains and meals more than last year. At the Dalian Grain Exchange corn costs the equivalent of USD390,- per tonne, 60% more than two years ago. Last summer Chinese buyers had emptied the Brazilian soybean surplus.
In July-September, the U.S. sold 9.0 mln tonnes of corn to China, Ukraine 8.0 mln tonnes. Total Chinese corn imports for the crop year are expected at between 20 and 25 mln tonnes.
Imports of soybeans are forecast at around 100 mln tonnes, barley and sorghum purchases may reach 8 - 10 mln tonnes each. The pace of Chinese grain and bean procurement will be decisive for markets in the coming months.
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