China cuts 2021/2022 corn forecast as pig prices remain low

China has lowered its 2021/2022 estimates for consumption of corn used to make animal feed as hog prices stay low, the agriculture ministry said on Friday.

 

Hallie Gu and Shivani Singh, Reuters

via Nasdaq - Sep 10, 2021

 

BEIJING, Sept 10 (Reuters) - China has lowered its 2021/2022 estimates for consumption of corn used to make animal feed as hog prices stay low, the agriculture ministry said on Friday.

 

The official figure is closely watched as plunging prices of pigs in China, the world's top producer and consumer, continued to weigh on demand for animal feed and also impacted global trade.

 

China's 2021/22 feed consumption for corn was seen at 187 million tonnes, down 3 million tonnes from previous month's forecast, according to a monthly crop report on the website of the Ministry of Agriculture and Rural Affairs.

 

Expansion of hog production was expected to slow down as pig prices continued to stay at low levels, curbing feed consumption, the ministry said...

 

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