The Analysis report on the supply and demand situation of Agricultural products in August released data to look at supply and demand

Corn

In 2015, China's corn output was 225 million tons, an increase of 8.93 million tons over the same period last year; corn imports will reach 3.8 million tons, a decrease of 800000 tons compared with the previous month's estimate; corn consumption will return to 193 million tons, an increase of 100000 tons over last month's estimate, mainly due to an increase in the operating rate of corn alcohol enterprises, and the increase in industrial consumption offsets the reduced feed consumption of the southern aquaculture industry due to floods. The annual corn balance changed by 35.1 million tons, 900000 tons less than last month's estimate. It is estimated that the fluctuation range of the wholesale average price in China's corn producing areas in 2015 and 16 is 1800 won per ton, and the median value is about 420 yuan lower than that of the previous year.

soybean

China imported 82.49 million tons of soybeans in 2015. Due to the slowdown in domestic protein demand growth in the third quarter, the import volume decreased by 1.27 million tons compared with the estimate of the previous month. Due to the soybean crushing consumption of 81.98 million tons in 2015, as pig prices fell from historical highs, breeding profits declined, soybean meal demand returned to normal, soybean crushing capacity decreased by 710000 tons compared with the previous month, and the annual balance was-1.14 million tons, resulting in a decline in inventory levels. The increase in the output of domestic soybeans has led to a decline in import demand.

Cotton

Affected by the narrowing of the domestic and international price gap and the adjustment of tariff quota policy, China's cotton imports in 2015 were 940000 tons, an increase of 20, 000 tons over the previous month; cotton consumption in 2015 was estimated to be 7.5 million tons, an increase of 260000 tons over the previous month's estimate; and China's cotton stocks in 2015 were 11.41 million tons, 250000 tons lower than the previous month's estimate. Affected by the current supply reduction, China's 3128B cotton prices will fluctuate in the range of 14000 to 16000 yuan per ton in 2016 to 17.

Edible oil

This month, it is estimated that China produced 25.28 million tons of edible vegetable oil in 2015, down 310000 tons from last month. This month, it is estimated that China imported 5.62 million tons of edible vegetable oil in 2015, an increase of 50, 000 tons over the previous month, mainly due to a decrease in soybean imports and an increase in demand for soybean oil to replace imports.

This month, it is forecast that China will produce 25.28 million tons of edible vegetable oil in 2016, down 100000 tons from last month's forecast.

Sugar

Sugar production has ended this crushing season. China produced 8.7 million tons of sugar in 2015. China's sugar consumption in 2015 was 15.2 million tons, 100000 tons lower than the estimate of the previous month; the international average price of sugar in 2015 was 15-18 cents per pound, and the upper limit was 1 cent lower than that estimated last month; and the average domestic sugar price in 2015 was 5400-5600 yuan per ton, which was 100 yuan lower than that estimated last month, mainly based on the estimate of sugar prices in August and September.