As per the latest release by United States Department of Agriculture (USDA), China's MY2016/17 corn production is forecast at 219.6 million tons , down 5 million tonnes on slightly higher yield offset by lower acreage. MY2016/17 corn harvested area is forecast to fall to 36.8 million hectares, down 3.6 percent or 1.36 million hectares from MY 2015/16 as North East corn producers convert 1.4 million hectares of corn area to other crops and forage.
Forecast MY2016/17 corn consumption is revised up 15 million tons to 242 million tons on higher feed and FSI use. MY2016/17 feed and residual use is forecast to rise to 162 million tons, up 5 million tons from USDA's January estimate, on plentiful and competitively priced domestic supplies and higher demand. Industry sources forecast that pork production will continue growing at about three percent in MY2016/17.Estimated MY 2015/16 feed and residual use remains unchanged from USDA's January estimate of 153.5 million tons.
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