China’s wheat crop could help bridge any corn supply gap until corn harvest begins

Wheat closeup
Wheat closeup
( )

Harvest of China’s winter wheat crop got underway this month, which along with Chinese changes in recommended feed mixes could cool Chinese buying of corn near-term. That said, China scooped up more than 10 MMT of U.S. corn during a 10-day stretch midmonth, according to USDA’s daily reporting system.

China National Grain & Oils Information Center (CNGOIC) expects China’s wheat crop to hit a record 136.4 MMT in 2021. The official think tank expects China to use 38 MMT of wheat in feed in 2020-21 and 36 MMT of wheat in feed in 2021-22.

“Wheat prices are expected to be lower than corn, which gives it obvious advantage to substitute [for corn],” Qi Chiming, an analyst with CNGOIC, told Reuters.


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