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.

 

Latest News

After the Bell | July 23, 2021

After the Bell | July 23, 2021 Midwest rainfall prospects send grain futures lower for week, hogs at one-month high on firm pork.

Friday Wrap-up | July 23, 2021

Davis Michaelsen and Editor Brian Grete discuss this week's market action...

p4 Conservation Funds
GFN: Climate conscious farmers leading the way

Most farmers don’t need an incentive to do the right thing, says guest blogger Gabriel Carballal.

First Thing Today Audio | July 23, 2021

Temps cool in Canada but dryness remains, China's soybean imports are expected to slow in the second half of the year and GOP leaders say they will oppose efforts to increase government borrowing limits...

Likely Enough Votes in Senate Next Week to Clear Physical Infrastructure Measure

More WHIP+ aid focus next week | GOP has concerns about CRP sweetener