Inventory of more than 200 million tons of corn storage mechanism will be greatly changed

A reporter from the Economic Information Daily recently interviewed a number of experts and learned that China's state reserve corn stocks have accounted for more than half of the world's total, and huge stocks are waiting to be consumed. In order to cope with the huge amount of corn carry-over inventory, China will reform and improve its corn collection and storage policy by 2020.

China's corn carry-over inventory remains high. According to estimates, up to now, the surplus of corn in China's temporary storage is at the level of 150 million tons. As the planting areas such as soybeans, cotton and miscellaneous grains have been transferred to corn more and more obviously, according to the forecast of the National Grain and Oil Information Center, China's corn output in the new season is expected to reach 232 million tons, setting another record high. According to the auction results of the National Trading Center this year, the cumulative amount of corn sold so far this year is only 5.86 million tons, far below the 2000-30 million tons expected by the market. If the initial inventory is taken into account, the surplus of corn in China is expected to reach more than 200 million tons for the first time.

Li Xirong, director of the National Animal Husbandry General Station and executive vice president and secretary-general of the China Feed Industry Association, said at the eighth International Maize Industry Conference that the acceleration of the development of corn in China after entering the new century mainly depends on the improvement of planting technology and climate warming. Another important factor is the policy factor-the direct supplement and temporary storage of corn, and the planting area of corn continues to rise.

Zhu Yongsheng, assistant general manager of the biochemical business department of Cofco, said that the price of corn stored in China has only gone up. In the past 20 years, the price of corn in China has started from 600 yuan / ton, and the price has repeatedly reached new highs. At present, the price of corn in Changchun is 2300 yuan / ton. This not only stimulates a substantial increase in production, but also suppresses domestic demand for corn. Data from the Ministry of Agriculture show that the stocks of live pigs and breeding sows in China have reached a new low in recent years, which further shows the current situation of poor demand for corn.

While the temporary storage price of corn is high, the total amount of imported corn in China has maintained the trend of substantial increase year by year, and the low price has formed a strong challenge to the domestic corn. It is estimated that at present, the customs value of US corn to Chinese ports is about 1600 yuan / ton. according to the spot price of about 2500 yuan / ton in the southern port, the theoretical profit of corn import is about 900yuan / ton. As a result, in recent years, China's corn, sorghum, barley, cassava, cassava starch and other corn and substitute imports showed a rapid growth trend. According to incomplete statistics, China imported 28.5 million tons of the above-mentioned commodities last year, and is expected to exceed 30 million tons this year.

Zhang Meifeng, Futures Investment Department of Tiancheng Corn Development Co., Ltd., said: at present, China does not have a strict quota management system for the import of grains such as sorghum, barley, cassava, and so on. in addition, these trade mainly through foreign quotations or agent services and other ring sections, can ensure that enterprises complete a series of import procedures, so that the difficulty coefficient of international trade participation is not high, these factors make them magnify the import volume.

Many experts agree that how to adjust China's corn purchase and sales policy this year or in the future is a major issue facing the government.

Wang Xiaohui, deputy director of the National Grain and Oil Information Center, said that corn is a variety with high demand, long industrial chain and high correlation between domestic and foreign markets. The adjustment of the temporary reserve policy should adhere to two directions. The first is to adhere to the principle of market pricing and let the market play a decisive role in the process of resource allocation; the second is to promote the separation of price and compensation for agricultural products.