China is projected to achieve a record grain output of over 700 million metric tons in 2024, marking a 0.7% increase from the 2023 harvest of 695.41 million tons. Key insights include:
Stable Production: This marks the ninth consecutive year that China’s grain output has remained stable at over 1.3 trillion jin, with forecasts indicating it will exceed 1.4 trillion jin (approximately 700 million tons) for the first time.
Dependence on Imports: Despite being the world’s largest grain producer, China heavily relies on imports, particularly soybeans from Brazil and the United States, to feed its population of 1.4 billion.
Investment in Agriculture: The Chinese government has increased investments in farm machinery and seed technology to enhance food security and boost domestic grain production.
Soybean and Corn Challenges: While efforts are underway to improve soybean yields through the development of high-oil and high-yield varieties, soybean stocks remain dependent on imports. Additionally, corn planting is reportedly not meeting national requirements.
Food Supply Balance: The national food supply and demand situation remains tight, necessitating ongoing efforts to ensure stable grain supplies.
State Support: The state stockpiler Sinograin plans to increase corn purchases to support farmer incomes and encourage more planting.
Pork Market Recovery: Following a period of oversupply and low prices in the pork, beef, and dairy markets, prices have stabilized, with a reduction in herd sizes contributing to this recovery.
Monitoring Production: The Ministry of Agriculture will continue to monitor production levels, especially for hogs, as increased productivity could affect market prices in the coming year.