Oct 14, 2021

Markets Looking for Renewed Chinese Demand

China lowers corn production forecast due to rain

FBN US Yield Survey Live!!

  • Help us better help you by filling out our US yield survey HERE!!

  • The survey will be open until the end of harvest season.

  • But, we will send out weekly reports to respondents on yield updates with one expected to hit inboxes Friday.

  • You can respond multiple times; we will use your latest response; so if you are not done harvesting but want to share and receive info, fill the survey out!

  • We are collecting information on corn, soybeans, spring wheat, and sorghum.

  • And we ask for 2020 and 2021 yields.

  • All responses are anonymous and never shared or reported; we will aggregate across the state/national levels for the reports.

FBN’s Take On What It Means: We would love to hear from our members regarding harvested yields so far. This information could be used to better position ourselves ahead of key USDA reports as well as improve our marketing strategies for the rest of the crop year.

FBN
FBN

China Lowers Corn Production Forecast Due to Rain

  • China lowered its forecast for 2021/22 corn production as rains batter the crop in northern parts of the country.

  • The country sees production at 271 million tonnes, down 850,000 from last month’s forecast.

  • The production cut comes primarily from a cut in yields; the yield was cut 0.32 bushels per acre to 101.17 bpa.

  • Heavy, almost-constant rains since September have hit northern parts of the country hard, delaying harvest and damaging crop quality.

  • Northern China is the second largest production region in the country; however, the top-producing states in the northeast have not started harvesting yet in large volumes.

FBN’s Take On What It Means For The Farmer: This week’s WASDE saw no changes for Chinese corn production, which stands at 273 million tonnes. While 271 MMT would still be a bumper crop for the country, any reductions or quality issues could increase the prospects for imports. The USDA currently sees Chinese imports at 26 MMT for the year.

FBN Market Advisory services are offered by FBN BR LLC, dba FBN Brokerage, FBN BR and FBN Market Advisory (NFA ID: 0508695)

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Kevin McNew

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Marketwatch: Oct, 26

cmdty National Corn Price Idx: ZCPAUS.CM

open: 5.1614
high: 5.1895
low: 5.139
close: 5.1704

cmdty National Soybean Price Idx: ZSPAUS.CM

open: 11.8617
high: 11.9478
low: 11.8144
close: 11.943

cmdty National Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 7.5274
high: 7.5849
low: 7.5238
close: 7.5716

cmdty National Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 7.0893
high: 7.1297
low: 7.0671
close: 7.1023