@kannbwx

Export inspections for U.S. #corn & #soybeans have improved vs the historically low levels from earlier this month bc of hurricane-damaged terminals in the Gulf. 1 cargo of beans and one of #wheat were inspected for #China in the PNW, 140kt corn inspected for China in the Gulf.

@kannbwx

Canada and Mexico bought U.S. #corn last week, but total sales were on the low end of expectations. #China bought 624kt #soybeans and 123kt #sorghum.

@kannbwx

#Corn on top  Uncommon sight to see, but in terms of dollar value, corn has topped #soybeans as the No. 1 U.S. ag export to #China so far in 2021. Beans should regain the crown by the end of the year, and spring/summer shipments to China were extremely light.

@kannbwx

#AGTRIVIA: U.S. trade with #China #Soybeans are the big ticket item and make up about half of annual U.S. ag exports to China. When (what year) was the last time soybeans were NOT the top product by value to China, and what was the top product that year?

@kannbwx

Also, #China has made a notable impact on world soybean oil trade. They accounted for as much as 30% of all imports at points in the 90s and 00s, though that has declined with the rise of their soybean crush industry. They are about 10% of imports today.

@kannbwx

#Soybeans have been the top U.S. ag export to #China every year since 1999. Soybean oil topped the list in 1998, but otherwise exports have been dominated by #cotton & #wheat. #AGTRIVIA answer: 1998, soybean oil

@kannbwx

A document seen by Reuters suggests the U.S. EPA is proposing large cuts to biofuel blending volumes for 2020, 2021 & 2022. This is mostly viewed as a win for oil and a loss for agriculture if it plays out.

@kannbwx

#China has lowered the target for its sow herd to around 41 million head and no lower than 37M for 2021-2025. Previous guidelines had suggested 40M-43M. Beijing has been concerned with stabilizing #pork prices since they have taken a huge dive this year.

China lowers 2021-2025 sow herd target, seeks to stabilise pork pricesChina had 45.6 million sows by the end of June, some 2% more than the end of 2017, the year before swine fever hit, though the sow herd contracted slightly in July.agriculture.com

https://www.agriculture.com/markets/newswire/update-2-china-lowers-2021-2025-sow-herd-target-seeks-to-stabilise-pork-prices

China lowers 2021-2025 sow herd target, seeks to stabilise pork prices

    China's pork prices have dived in recent months.  

https://www.agriculture.com/markets/newswire/update-2-china-lowers-2021-2025-sow-herd-target-seeks-to-stabilise-pork-prices

In an interim plan http://www.moa.gov.cn/govpublic/xmsyj/202109/t20210923_6377327.htm for hog breeding capacity, the Ministry of Agriculture and Rural Affairs said the target for the sow herd was now around 41 million head for 2021-2025 and should be no lower than 37 million head.

Previous guidelines jointly issued by the agriculture ministry, state planner and other authorities last month set the target at between 40 million to 43 million head.

"As long as the inventory of breeding sows is kept within a reasonable range, piglet production will be guaranteed (and) hog market supply and pork prices will be kept relatively stable," the ministry said in a statement.

China's pork prices have dived in recent months, pushing the country's hog farmers into the red, amid a supply glut due to efforts to rapidly rebuild its breeding herd after an epidemic of African swine fever.

China had 45.6 million sows by the end of June, some 2% more than the end of 2017, the year before swine fever hit, though the sow herd contracted slightly in July.

Shares in leading producers, under significant pressure in recent months, jumped on the news. Muyuan Foods and Jiangxi Zhengbang both closed up more than 2%, while New Hope Liuhe surged 6%.

Pan Chenjun, senior analyst at Rabobank, said the market overreacted. "It's a fragmented industry, it's not that easy to change the sow structure overnight."

In Thursday's statement, the agriculture ministry said breeding sow herd stocks would be categorised by three zones - to help authorities bring stocks to within normal levels.