Beijing Green Agriculture Sci-Tech Development Co., Ltd.
China Monthly Corn Market Report
January 2015
I. Corn Market Briefing in January....................................................................................... 4
Procurement for Interim Reserve Paced up, Strong Price in Growing Region but Weak in
Consuming Region in January ............................................................................................................ 4
II. Market Express and Enterprises News in January ......................................................... 5
1 The First Temporary Storage Corn Auction Trade Rate at 35.55% in 2015, an Average Price of
2,381 RMB/ton.................................................................................................................................... 5
2 China’s Grain Imports Record 19.51 Million Tons in 2014, up 33.8% YoY................................... 6
3 Till January 20th 33.19 Million Tons Been Purchased for the Reserve, Up 1.3% ............................ 6
4 China to Start the Strategy to Make Potato a Staple Food ............................................................... 6
5 The National Feed Quality and Safety Was Good in the Second Half of 2014................................ 6
6 The Number of Feed Companies with Licenses Dropped to 7,061 in 2014, down 30% YoY ......... 7
7 Henan Will Use Feed Products with Two-dimension Code Traceable System in 2015 .................. 7
8 CGRC Planned to Set up the Largest Corn Sales Company in South China ................................... 7
9 CGRC Set up New Storage Facilities of 4.55 Million Tons in 2014 ............................................... 7
10 Citic Introduced CP Group and Itochu as Strategic Investors, the Total Transaction Volume at
HKD 80 Billion ................................................................................................................................... 7
III. Corn Market Analysis in January ................................................................................... 8
1 Government Promotes Corn Consumption to Reduce Stock Pressure ............................................. 8
2 Corn Procurement in the Northeast Is Faster than in North China, Price Should Surge in All
Growing Regions ................................................................................................................................ 9
3 Growing Feed Demand, Sorghum Import to Surpass 5.5 Million Tons in 2014 ............................ 10
4 Corn Import Dropped in 2014 but Composition of Suppliers Changed Markedly ........................ 11
5 Role of Dealers in Feed Selling Is Weakened ................................................................................ 12
6 COFCO Can Hardly Become Stronger in Feed under Current Management System and
Development Mode ........................................................................................................................... 13
7 Why Da Bei Nong Group Devote Great Effort to Aquatic Feed? .................................................. 14
IV. Analysis and Forecast on Corn Production in January................................................ 15
215.67 Million Tons Gross Corn Production in 2014. ...................................................................... 15
V. Analysis on Import and Export of Corn in December ................................................... 16
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China Monthly Corn Market Report
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1 607,000 tons Corn Imported in December at the Price of 267.5 US$/ton ..................................... 16
2 Guangdong and Yunnan as Main Destinations for import Corn in Nov, Huangpu and Guangzhou
as Major Customs Offices ................................................................................................................. 16
VI. Analysis on Animal Farming and Feed Industry in January ...................................... 17
1 Swine Farming Suffered from More Deficit in January, Broiler Farming Turned to Generate Profit,
whereas Layer Farming Saw Shrinking Profit .................................................................................. 17
2 Animal Feed Cost Dropped More in January ................................................................................. 17
3 4.5% Slide of Manufactured Feed Production in December from November or 8% Slip YoY ..... 18
VII. Analysis on Corn Starch Market in January ............................................................... 19
1 Price for Corn Starch in January Averaged at 3,019 RMB/ton, down 33 RMB/ton from December19
2 Corn Starch Processing Companies Ran in Deficit in January, Average Loss at 20 RMB/ton ...... 19
3 3,580 tons Corn Starch Exported in December at the Price of 592.4 US$/ton .............................. 20
VIII. Analysis on DDGS Market in January ....................................................................... 20
2 Less of Corn Alcohol Producers 160 RMB/ton in December, Gross Margin -1.9%...................... 20
3 26,200 Tons DDGS Imported in December, Importation Price at 324.8 US$/ton ......................... 21
IX. Analysis on Supply and Demand of Corn ..................................................................... 21
216 Million Tons Corn Production in 2014/15 Foreseen, Stock/consumption Ratio 39.1% ............ 21
Attached Tables ...................................................................................................................... 22
Attached Table 1, China’s Corn Production and Yield, 2014 ............................................................ 22
Attached Table 2, China Corn Import Volume and Price by Original Country, Dec, 2014............... 23
Attached Table 3, China Corn Import Volume and Price by Customs, Dec, 2014 ............................ 23
Attached Table 4, China Corn Import Volume and Price by Province, Dec., 2014 .......................... 23
Attached Table 5, China Corn Export Volume and Price by Country of Destination, Dec., 2014 .... 24
Attached Table 6, China Corn Export Volume and Price by Customs, Dec., 2014 ........................... 24
Attached Table 7, China Corn Export Volume and Price by Province, Dec., 2014 .......................... 24
Attached Table 8, China DDGS Import Volume and Price by Original Country, Dec, 2014 ............ 24
Attached Table 9, China Corn Starch Export Volume and Price by Country of Destination, ........... 25
Dec, 2014 .......................................................................................................................................... 25
Attached Table 10, China’s Corn Supply and Demand, 2008/09~2014/15....................................... 25
Attached Figures .................................................................................................................... 26
Attached Fig. 1, Average Purchasing Price of Corn in the Northeast, 2012-2015 ............................ 26
Attached Fig. 2, Average Sales Price of Corn in the Huanghuaihai District, 2012-2015.................. 26
Attached Fig. 3, Average Sales Price of Corn in the South, 2012-2015............................................ 27
Attached Fig. 4, Average Sales Price of Corn in the Major Ports, 2012-2015 .................................. 27
Attached Fig. 5, China Corn Imports by Month, 2011-2014 ............................................................ 28
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China Monthly Corn Market Report
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Attached Fig. 6, China Corn Import price (CIF) by Month, 2011-2014 ........................................... 28
Attached Fig. 7, China Corn Exports by Month, 2011-2014 ............................................................ 29
Attached Fig. 8, China Corn Export price (CIF) by Month, 2011-2014 ........................................... 29
Attached Fig. 9, Pig Breeding Benefit in China, 2009-2015 ............................................................ 30
Attached Fig. 10, Broiler Breeding Benefits of Major Producing Areas in China, 2009-2015 ........ 30
Attached Fig. 11, Laying Chicken Breeding Benefits of Major Producing Areas in China,
2009-2015 ......................................................................................................................................... 31
Attached Fig. 12, Industrial Feed Production by Month, 2011-2014 ................................................ 31
Attached Fig. 13, Average Price of Corn Starch in China, 2012-2015 ............................................. 32
Attached Fig. 14, Production Profits of Corn Starch in China, 2012-2015....................................... 32
Attached Fig. 15, China Corn Starch Exports by Month, 2011-2014 ............................................... 33
Attached Fig. 16, Average Price of DDGS in China, 2012-2015 ...................................................... 33
Attached Fig. 17, Production Profits of Corn Alcohol in China, 2012-2015 .................................... 34
Attached Fig. 18, China DDGS Imports by Month, 2011-2014 ....................................................... 34
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China Monthly Corn Market Report
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I. Corn Market Briefing in January
Procurement for Interim Reserve Paced up, Strong Price in Growing Region but Weak
in Consuming Region in January
In January 2015 the Northeast paced up procurement for the interim reserve, which pushed
higher corn price in this region, but the demand in North China, the Yellow-Huaihe River
Region and consuming regions was sluggish and hence the price kept at a weak level. On the
whole corn price in January was lower than in December, the national average stood at 2,256
RMB/ton, down 26 RMB/ton from December.
Since the standard on grains containing mould was relaxed to 5%, there was acceleration of
procurement for the interim reserve in the Northeast and the procurement was larger year on
year. Till January 25th 39.12 million tons had been purchased for the interim reserve in the
Northeast, more than the 36.45 million tons in same period last year. The market had higher
expectation on the yearly procurement quantity and traders were more mobilized to buy. Corn
price rallied in the Northeast in January, the average was 2,118 RMB/ton, up 7 RMB/ton
from December.
Since the moisture content of corn in North China was about 18%, companies were not so
willing to buy, the procurement has been progressing slowly in this region, the same as in
same period last year. There is sufficient supply in North China and the Yellow-Huaihe River
Region, lots of corn shall flow to surrounding areas and the South. Owing to the large supply,
the average procurement price in North China and the Yellow-Huaihe River Region in
January was down 53 RMB/ton from December to 2,158 RMB/ton.
Corn price was weak on the whole in the South in January. Owing to the low-priced corn in
North China and the sluggish demand at the downstream, the trading of Northeastern corn
was flat in the South. Also many places witnessed sluggish demand from the farming sector
due to the outbreak of bird flu. And the negative forecast also affected companies stock
preparation rhythm or the procurement quantity. In January the average selling price was
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China Monthly Corn Market Report
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2,475 RMB/ton in the South, down 34 RMB/ton from December.
Corn price shall continue to move up in the Northeast alongside the exercise of the interim
reserve policy and this will mobilize the price to rally in North China and the Yellow-Huaihai
River Region. Since the Spring Festival is nearing, trading shall be flat and the average price
shall not change much in February.
Fig, Changes in Corn Average Prices in Producing Regions, Main Consuming Regions and Nationally,
2012-2015
Unit:RMByuan/MT
2,800
2,700
2,600
2,500
2,400
2,300
2,200
2,100
12/01
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
13/01
13/02
13/03
13/04
13/05
13/06
13/07
13/08
13/08
13/09
13/10
13/11
13/12
14/01
14/02
14/03
14/04
14/05
14/06
14/07
14/08
14/09
14/10
14/11
14/12
15/01
2,000
production regions average
consumption regions average
national average
Data source: BGAgri Database.
II. Market Express and Enterprises News in January
1 The First Temporary Storage Corn Auction Trade Rate at 35.55% in 2015, an
Average Price of 2,381 RMB/ton
On January 6 to 8 in 2015, the first temporary storage corn auction ended with 5.0233 million
tons of corn on the auction, trading volume at 1.5857 million tons, trade rate at 35.55%, at an
average price of 2,381 RMB/ton.
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China Monthly Corn Market Report
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2 China’s Grain Imports Record 19.51 Million Tons in 2014, up 33.8% YoY
According to customs statistics, by December 2014 China's imports of grain and grain
powder had recorded 2.37 million tons, annual imports at 19.51 million tons, up 33.8% year
on year, and imports recorded 14.58 million tons in the same period last year.
3 Till January 20th 33.19 Million Tons Been Purchased for the Reserve, Up 1.3%
By December 20, the overall corn purchase progress was faster than the same period last year
in the northeast, and it was 46%, 38%, 22% and 21% respectively in Liaoning, Heilongjiang,
Jilin and Inner Mongolia. It increased by nearly 10% from last year in Liaoning and
Heilongjiang, it remained unchanged in Inner Mongolia, it was 6% behind the previous year
in Jilin. The purchase progress was unchanged from the previous year in north China, the
purchase progress was foreseen to be 15%, 25% and 15%, respectively in Hebei, Shandong
and Henan.
4 China to Start the Strategy to Make Potato a Staple Food
Recently MOA said, China would start the strategy to make potato a staple food, to make the
potato planting area, yield level, proportion of total output and potato as a staple food
increase significantly, of which the planting area would grow from 80 million mu to 150
million mu, yield per mu increase to 2 tons, achieve the goal of more than 50% of the potato
as a staple food consumption.
5 The National Feed Quality and Safety Was Good in the Second Half of 2014
According to the national feed quality and safety monitoring results in the second half of
2014, altogether 2,531 batches of samples of various kinds of commodity feed were checked
in the second half of 2014, product qualified rate at 97.04%, up 1.5% year on year. The
product qualified rate of compound feed, concentrated feed, additive premix powder was
96.84%, 97.06% and 94.14% respectively.
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6 The Number of Feed Companies with Licenses Dropped to 7,061 in 2014, down 30%
YoY
In July 2014, the new feed production license system implemented and small-scale producers
could not obtain the production license. In December 2014, the number of companies with
feed production licenses was 7,061 which decreased nearly 3,000 from the end of 2013, down
30% year on year.
7 Henan Will Use Feed Products with Two-dimension Code Traceable System in 2015
Starting from January 1, 2015, the two-dimension code traceable management system will be
used in Henan. The feed products which are produced in Henan are required to be marked
with two-dimension code on the smallest unit package and the provincial traceable system
and a central database will be established.
8 CGRC Planned to Set up the Largest Corn Sales Company in South China
China Grain Reserves Corporation planned to invest on 3 projects in Dongguan including
rapeseed crushing, oil deep processing, construction of logistics facilities. The warehousing
logistics project need an investment of RMB 3 billion and China's largest corn sales company
would be established in South China and the group planned to achieve the goal of an annual
throughput of 4 million tons in port.
9 CGRC Set up New Storage Facilities of 4.55 Million Tons in 2014
In order to relieve the grain storage problem, China Grain Reserves Corporation invested on
the new storage facilities in 2014 with a total capacity of 4.55 million tons, of which the
storage capacity was 2.2 million tons in Heilongjiang, Inner Mongolia, Gansu and Xinjiang
which achieved the goal of construction and storage within the same year.
10 Citic Introduced CP Group and Itochu as Strategic Investors, the Total Transaction
Volume at HKD 80 Billion
Citic introduced CP Group and Itochu as the strategic investors, the total transaction volume
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was nearly HKD 80 billion. CP Group and Itochu’s joint venture will buy 10% of the shares
from Citic, around HKD 34.4 billion. Citic will issue new shares in the way of cash
transaction to CP Group and Itochu’s joint venture, around HKD 45.9 billion.
III. Corn Market Analysis in January
1 Government Promotes Corn Consumption to Reduce Stock Pressure
The leftover of the interim reserve from 2014 should be about 70 million tons, whereas new
corn production should be 216 million tons in 2014, procurement for the interim reserve in
the new year has been carried out comprehensively and the Government shall see mounting
stock pressure. In order to promote consumption and lessen stock, the Government has
promulgated a number of measures:
On the one hand, the auction of the interim reserve has relaxed control over qualifications.
Corn bidding was undertaken on January 6-8, 2015 and there were some special rules: first,
the control over qualification of bidders was relaxed; second, traders could buy a larger
quantity and third, specific payment and cargo delivery time was clarified.
On the other hand the Government encouraged export of further processed corn products. On
January 31st of 2014 the Ministry of Finance promulgated the “Circular on Readjusting
Export Duty Refund Rate for Some Products”, which raised the export refund rate for corn
starch, lysine, ethanol and gourmet powder, which are processed products from corn. The
new rate is 13%. This is conducive to the improvement of the margin of processing
companies and promote corn consumption by the processing companies.
In addition, the binding of auction of the interim reserve with import quota and the approval
for futures trading of corn starch are favorable to consumption of domestic made corn.
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China Monthly Corn Market Report
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2 Corn Procurement in the Northeast Is Faster than in North China, Price Should Surge
in All Growing Regions
The procurement space has accelerated in the Northeastern four provinces thanks to the
relaxation of standard control, 50% of the target has been fulfilled, of which Heilongjiang
68%, 20% faster year on year; Jilin 47%; Liaoning 53% and Inner Mongolia 33%. Till
January 25th, 39.12 million tons had been procurement for the interim reserve, above the level
year on year.
Companies were not so willing to buy in North China since the moisture content of corn was
about 18%, there was still waiting for the natural decline of the moisture content. North
China and the Yellow-Huaihe River Region have been slow in making purchase, the same
situation as in last year. Till January 10th Hebei had fulfilled 22% of the procurement target,
Henan 24% and Shandong 32%.
Corn price rose in the Northeast, whereas the price has been on a downward turn in North
China and the Yellow-Huaihe River Region, and even slightly lower than in the Northeast.
If the Northeast continues to pace up the procurement rhythm, there shall be very limited
amount of corn available after the Spring Festival. Corn price shall surge and as a result
North China shall become the principal supplier or may even export to the Northeast, then the
price shall rally in North China.
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Fig, Changes in Corn Average Prices in Northeast, North China and the Yellow-Huaihe River Region,
2012-2015
Unit: RMB yuan/MT
2700
2600
2500
2400
2300
2200
2100
Northeast
15/01
14/11
14/09
14/07
14/05
14/03
14/01
13/11
13/09
13/07
13/05
13/03
13/01
12/11
12/09
12/07
12/05
12/03
12/01
2000
Nroth China and Huang-Huai-Hai River Regions
Data source: BGAgri Database
3 Growing Feed Demand, Sorghum Import to Surpass 5.5 Million Tons in 2014
Sorghum import has gone up markedly in recent years, it was merely 87,000 tons in 2012 but
1.078 million tons in 2013, and it climbed to 5.78 million tons in 2014, around 5.4 times as
that in 2013.
Sorghum has a unique feed-use advantage, apart from containing lysine, sorghum has more
amino acid than corn, the composition is more reasonable and the digestion rate is higher.
Sorghum does not easily contain mycotoxin, and with GMO technology imported sorghum
has little content of tannin which is a nutrition-resistant factor. It is possible for large
application of sorghum in feed since domestic feed mills have improved formula and
processing technique.
During a long period in 2014 the Government restricted MIR162 GMO corn import that did
not pass certification, whereas when sorghum price is 100 RMB/ton lower than corn,
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China Monthly Corn Market Report
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sorghum can replace corn and be used in feed. The average cost of imported sorghum at ports
was less than 2,000 RMB/ton during the first eleven months of 2014, whereas the average
price of domestic made corn was as high as 2,360 RMB/ton in growing regions and even
2,560 RMB/ton in the South.
The major reasons for the significant growth of sorghum import in 2014 were the restriction
on GMO corn import, low sorghum import cost and rising feed demand for sorghum. The
demand for sorghum import shall keep at a high level in 2015.
Fig, China Sorghum imports, 2011-2014
Unit: 000MT
7000
5776
6000
5000
4000
3000
2000
1078
1000
0
87
2011
2012
0
2013
2014
Data source: China Customs.
4 Corn Import Dropped in 2014 but Composition of Suppliers Changed Markedly
China imported 2.599 million tons corn in 2014, 665,000 tons or 20.4% lower year on year.
The cause for the slip of corn import in 2014 was the sluggish animal farming situation, slow
growth of feed demand, bumper corn harvest for a number of years in a row and restriction
on corn import from the Government.
While the import quantity fell there was a big change of the composition of suppliers.
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American corn made up 39.5% of the total import in 2014, whereas it had been 95.4% in
2013; the proportion of corn from Ukraine rose to 37.1%, just behind the US; the proportion
of import from Southeast Asia rose noticeably and diversification of suppliers was seen.
Fig, China Corn Import Volume and Price, 2005~2014
Unit: 000MT
Unit: US$/MT
6,000
800
5,206
700
5,000
600
4,000
500
3,264
3,000
2,599
300
1,752
2,000
400
200
1,572
1,000
100
4
65
35
15
83
2005
2006
2007
2008
2009
-
2010
Import Volume
2011
2012
2013
2014
Import Price
Data source: China Customs.
Fig, China Corn Imports by Original Country, 2013~2014
2014
(Unit: 000MT)
Laos, 110 , 4%
Others, 166 ,
6%
Others, 188 ,
Ukraine, 109 , 6%
3%
2013
(Unit:000MT)
Bulgaria, 120 ,
5%
Thailand, 211 ,
8%
US, 1,027 ,
40%
Ukraine, 964 ,
37%
US, 2,967 ,
91%
Data source: China Customs.
5 Role of Dealers in Feed Selling Is Weakened
Lots of small farms usually buy feed from dealers on credit, these dealers are familiar with
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the farmers and can control the risk, hence feed selling through dealers has been the principal
sales channel for a long time. Dealer’s selling accounts for over 90% of the gross sales
quantity of feed mills, but we expect to see a weakening role of dealers in the future.
There are the following reasons:
(1) While the number of farms is shrinking and the farming scale is enlarging, it is easier for
feed mills to provide comprehensive service to farms and the logistic cost is much lower.
(2) Some feed mills started to use e-commerce to sell feed and use the third-party logistic and
payment platform to solve logistic and fund issues.
(3) Large feed mills are actively exploring innovative financing methods such as supply chain
financing. They assist clients in obtaining loans by providing trading information or credit
status of dealers or farms so as to to address the information asymmetry between banks and
SMEs. Some feed mills even set up small loan companies.
6 COFCO Can Hardly Become Stronger in Feed under Current Management System
and Development Mode
As early as in the beginning of 2010, COFCO promulgated its development strategy for feed.
According to its plan, the sales quantity of feed shall break through 5 million tons within
three years and surpass 8 million tons within five years. However till the end of 2014 its feed
production capacity had been 3.70 million tons, production only 1.20 million tons, far from
reaching the preset target. COFCO witnessed deficit in feed sector in both 2011 and 2012,
whereas the raw material trade offset the deficit and helped to generate profit in 2014.
COFCO restructured its management team through recruitment competition in 2015. It plans
to see annual increase of feed sales quantity by 1 million tons and the target is 6 million tons
for 2018. Shall COFCO become stronger in feed? So far it is still difficult.
(1) COFCO has always been building up new feed plants, whereas the construction term is
long and the cost is high. Currently its feed mills are mainly along the coast and some of
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COFCO business parks. The number of factories is limited and the present capacity and
layout can hardly support the yearly sales growth of 1 million tons. The way of the growth of
its capacity shall decide whether its target can be materialized.
(2) COFCO’s feed management team is not professional. Some of the managers are not
specialized in feed. Although COFCO restructured the management team in 2015, yet there
are still uncertainties concerning its professional level and stability.
(3) Compared with the private companies that fully empower their managers and react
quickly, State-owned COFCO has a long internal approval procedure and slow in responding
to the market. Also COFCO can hardly set up a mechanism of partnership or a mechanism
that remunerate top managers and skeleton staff which are commonly adopted among private
feed companies.
(4) COFCO has a number of brands and different regions have a different brand. As a result,
the fame of COFCO in feed market is poor, the influence is low and it is still a newcomer to
market and has to face intensive competition.
7 Why Da Bei Nong Group Devote Great Effort to Aquatic Feed?
Da Bei Nong plans to invest 2 billion yuan for developing aquatic feed from 2015, the
production shall hit 800,000 tons in 2017. It shall cooperate with Guangdong Junyou Feed
and explore the market in Guangdong province. Da Bei Nong has been engaged in aquatic
feed for a decade, but it did not take this sector as a priority. Currently Da Bei Nong is
producing and selling aquatic feed only in a few provinces. Its aquatic feed sales was less
than 200,000 tons in 2014.
Then why Da Bei Nong, which is based on swine feed, devotes great effort to aquatic feed?
(1) There is a great demand for aquatic feed in China. China is the world largest aquaculture
country in the world, the potential demand for aquatic feed is 50-60 million tons. The
production has been merely 18 million tons in recent years, the popularization rate of
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manufactured aquatic feed is barely 30%. Alongside the continual surge of farming quantity
and more utilization rate of manufactured aquatic feed, the sales quantity of aquatic feed shall
see a big growing potential.
(2) The gross margin of aquatic feed is high. Currently the gross margin of plain aquatic feed
is 10-20%, but 30-50% for special varieties. There are numerous aquatic feed varieties, the
technical content is high and the threshold is high as well, at present the competition level of
aquatic feed market is much lower than swine or poultry feed market.
(3) From the perspective of its operating features, although Da Bei Nong is still based on
piglet feed and premix that are of high gross margin, yet it needs to find a new growth point
since the mono product structure would make it hard to raise the sales quantity of feed. Da
Bei Nong has accumulated rich experience in serving the retail market and has set up the
innovative development mode of “Career and Wealth Union”, and there is certain
development foundation.
IV. Analysis and Forecast on Corn Production in January
215.67 Million Tons Gross Corn Production in 2014.
In 2014 the corn acreage should be 37.076 million hectares, and the expansion of the acreage
concentrated to the Northeast. The acreage in this region should be 14.50 million hectares, up
3.5% from 2013. The increase of acreage in North China and the Yellow-Huaihe River
Region should be about 239,000 hectares to 12.03 million hectares, accounting for 32.9% of
the national total increase.
The corn harvest should be 215.76 million tons in 2014, 2.82 million tons less or down 1.3%
from the 218 million tons in 2013. There into harvest in the Northeast should be 92.41
million tons, accounting for 42.8% of the national total, and the Yellow-Huaihe River Region
should be 69.35 million tons, accounting for 32.2% of the national total.
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Corn acreage is foreseen to expand steadily in 2015 thanks to the continuation of the policy
of the national interim reserve.
V. Analysis on Import and Export of Corn in December
1 607,000 tons Corn Imported in December at the Price of 267.5 US$/ton
In December, 607,000 tons corn was imported, up 289.5% from last month, and down 26.0%
from last December. The average CIF price was 267.5 US dollar/ton in December, 5.6 US
dollar/ton or 2.1% lower than last month, and down 5.8 US dollar/ton year on year.
394,000 tons corn was imported from Ukraine, accounting for 64.9% of the total corn
importation in December. The corn imported from Bulgaria, Laos, Burma, US and Russia
were 91,000 tons, 54,000 tons, 30,000 tons 18,000 tons, and 16,000 tons, accumulatively
accounting for 64.9% of the total corn importation in December.
2 Guangdong and Yunnan as Main Destinations for import Corn in Nov, Huangpu and
Guangzhou as Major Customs Offices
In December of 2014, 19 provinces (cities) imported corn. Guangdong and Hunan were the
largest two import destinations, with the importation volumes of 292,000 tons and 84,000
tons, and the import volumes of Jiangxi, Jiangsu and Hunan were all above 20,000 tons. The
top two provinces covered 61.8% of the total corn importation in December.
In December of 2014, corn was imported via 12 customs offices. Huangpu and Guangzhou
were major customs offices for imported corn, registering 211,000 tons and 150,000 tons, the
two customs offices covering 59.4% of the total importation in December.
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VI. Analysis on Animal Farming and Feed Industry in January
1 Swine Farming Suffered from More Deficit in January, Broiler Farming Turned to
Generate Profit, whereas Layer Farming Saw Shrinking Profit
Swine farming continued to generate losses in January 2015. Average profit engaged in
self-breeding farming was -124 RMB/head, losses up 42 RMB/head from last month.
Average profit engaged in purchasing piglets was -163 RMB/head, losses up 51 RMB/head
from last month.
In January broiler farming put an end to the deficit-running situation after four months, the
average profit from broiler farming in the main farming regions was 0.7 RMB/bird, whereas
the loss had been 0.8 RMB/bird in December 2014.
The profit from each hundred layers was 9.4 RMB/day in January, 4.6 RMB/day or 32.7%
lower from December of 2014.
2 Animal Feed Cost Dropped More in January
Although raw material price such as corn and wheat was steady or fell slightly, yet the price
for soymeal and DDGS dropped noticeably and dragged down the animal feed cost
continually. In January there was sufficient soymeal supply, but feed mills at the downstream
were not so willing to buy. The average price for soymeal slipped to 3,216 RMB/ton in
January, 266 RMB/ton or 7.6% lower from December.
The cost of self-blended feed for fattening pigs and broilers was 2,935 RMB/ton, 3,032 RMB
/ton and 2,771 respectively in January, down 73 RMB/ton, down 97 and 83 RMB/ton from
December respectively. The cost of feed for fattening pigs, layers and broiler was down 145
RMB/ton or 4.7%, 218 RMB/ton or 6.7% and 69 RMB/ton or 2.4% year on year,
respectively.
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Table, Feed Cost of Fattening Pig, Broiler and Egg Layer by Month, 2014-2015
Unit: RMB/ton
Feed Cost
Cost Difference from Last
Cost Difference YoY
month
Fattening
Broiler
Pig
Egg
Fattening
Layer
Pig
Broiler
Egg
Fattening
Layer
Pig
Broiler
Egg
Layer
Jan., 14
3080
3249
2839
-11
-82
-69
25
-65
-60
Feb., 14
3076
3245
2835
-4
-5
-4
-3
-107
-95
Mar., 14
3036
3182
2783
-40
-63
-52
-37
-177
-151
Apr., 14
3048
3197
2796
13
15
13
25
-92
-79
May, 14
3133
3295
2983
85
98
187
101
-11
94
Jun., 14
3200
3363
3062
67
68
78
131
9
132
Jul., 14
3201
3333
3044
1
-30
-18
148
20
146
Aug.,14
3221
3344
3057
20
11
13
145
-2
132
Sep.,14
3217
3330
3048
-4
-14
-10
78
-113
42
Oct,.14
3126
3242
2963
-91
-88
-84
3
-202
-41
Nov,.14
3077
3209
2927
-50
-33
-37
15
-156
-10
Dec,.14
3008
3128
2854
-69
-81
-72
-83
-203
-54
Jan.,15
2936
3032
2771
-73
-97
-83
-145
-218
-69
Data source: BGAgri Database.
3 4.5% Slide of Manufactured Feed Production in December from November or 8%
Slip YoY
Based on our survey data on some feed mills, the production of manufactured feed in
December 2014 was 4.5% less from November. Owing to the minor decline of swine
inventory, the production of swine feed fell by 1% from November; the production of poultry
feed was the same as in the previous month; there was almost no aquaculture in December
due to the cold weather, the demand for aquatic feed was almost over and the production of
aquatic feed was 90% less; the demand for dairy cow feed became flat due to the falling milk
price and refusal of milk collection by processing companies in some areas, and the
production of feed for ruminant animals was down 3% from the previous month.
Compared with the same period of last year, the production of manufactured feed of the
surveyed companies was 8.0% less. Farmers blended more of their own feed due to the slip of
swine inventory and deficit from animal farming, as a result there was falling demand for
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complete feed, the production of swine feed was down 8% year on year. Broiler farming
dwindled in 2014, the layer inventory was at a low level and the poultry feed production was
down 9% year on year. In December the production of aquatic feed was up 5% and the
production of ruminant animal fee was up 10% year on year.
Table, Industrial Feed Output and Changes in December of 2014
Industrial Feed
Hog Feed
Poultry Feed
Aqua Feed
Ruminate Feed
Month on Month（%）
-4.5%
-1%
0%
-90%
-3%
Year on Year（%）
-8.0%
-8
-9%
5%
10%
Data source: BGAgri Database
VII. Analysis on Corn Starch Market in January
1 Price for Corn Starch in January Averaged at 3,019 RMB/ton, down 33 RMB/ton from
December
The preparation for corn starch before the Spring Festival is not as predicted. Companies at
the downstream are cautious in making purchase and the trading is still flat. In January the
price for starch continued to drop slightly, the national average was 3,019 RMB/ton, down 33
RMB/ton from December last year.
The quote from starch producers in the Northeast was 2,747 RMB/ton in January; North
China and the Yellow-Huaihe River Region 2,846 RMB/ton; selling price 3,120 RMB/ton in
consuming regions due to flat demand.
2 Corn Starch Processing Companies Ran in Deficit in January, Average Loss at 20
RMB/ton
Corn starch processing could generate profit in the beginning of the Autumn of 2014 when
new corn was put on market and the price fell markedly in various places. Later starch price
entered into the falling tunnel due to the constant decline of corn price and insufficient
demand for starch, but the starch sector on the whole could generate profit before January.
Since entering into January, the margin of starch processing has been shrinking alongside the
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weakening of starch price, the margin is below the break even line.
In January the average loss from processing each ton of starch was 20 RMB/ton, whereas
some companies in Liaoning and Hebei could generate 20-30 RMB/ton profit, but companies
in Shandong generated 40 RMB/ton loss on average.
3 3,580 tons Corn Starch Exported in December at the Price of 592.4 US$/ton
In December, corn starch export volume was 3,580 tons, 58 tons lower from last month, or
down 1.6%. The exportation price was 592.4 US dollar/ton, down 13.0 US dollar/ton or 2.2%
from last month.
Exportation volume for Indonesia was 1900 tons, covering 53.1% of total corn starch
exportation in December. The exportation volumes for Hongkong, Australia，Korea DPR and
Uzbekistan ranked 2 to 5. The subtotal export of top five destinations were 2,990 tons,
covering 83.5% of the total exportation in December.
VIII. Analysis on DDGS Market in January
The capacity-operation rate of oil plants rose in January. The quote fell considerably thanks
to sufficient soymeal supply, which dragged down the overall decline of protein feed price.
Ethanol processing companies were in normal operation in January and there was big supply
of DDGS; lots of imported DDGS shall arrive at ports after the approval of MIR162 GMO
corn import.
The domestic price for DDGS fell sharply in January due to a number of reasons. In January
the average quote on DDGS with high fat content from alcohol producers was 2,045
RMB/ton, down 220 RMB/ton or 9.7% from December.
2 Less of Corn Alcohol Producers 160 RMB/ton in December, Gross Margin -1.9%
January is usually the peak season of alcohol demand, but it was not the situation in 2015 due
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to the impact from the “Eight Rules” which restrict consumption. After new corn was put on
market, alcohol processing companies had a high capacity operation rate and the price for
corn alcohol shall sustain the downward turn.
The quote was 5,650-5,750 RMB/ton in Heilongjiang and Jilin, 5,800-6,200 RMB/ton in
North China and the Yellow-Huaihe River Region, down 100-250 RMB/ton from the end of
December 2014. The national average was 5913 RMB/ton, down 270 RMB/ton or 4.4% from
December 2014.
Although corn price fell slightly, yet the price for alcohol and DDGS continued to drop
considerably in January, which aggravated the loss of processing companies. In January the
average loss from processing each ton of alcohol was 160 RMB/ton, 80 RMB/ton worse from
December and the gross margin was -1.9%.
3 26,200 Tons DDGS Imported in December, Importation Price at 324.8 US$/ton
In December, DDGS importation was 26,200 tons, 166,000 tons or 86.4% lower from last
month. Importation price was 324.8 US dollar/ton, up 12.1 US dollar/ton from last month.
96.6% Imported DDGS was from US in December.
IX. Analysis on Supply and Demand of Corn
216 Million Tons Corn Production in 2014/15 Foreseen, Stock/consumption Ratio 39.1%
There is forecast on corn supply and demand in 2014/15.
The total supply in 2014/15 shall be 294 million tons. Of which the corn stock at the
beginning of 2014/15 shall be 78.19 million tons. The production shall be 216 million tons
and import should still be 3 million tons.
The gross corn demand shall be 195 million tons in 2014/15, of which feed consumption shall
be 145 million tons; consumption by the processing industry shall be 50 million tons; food
consumption 11 million tons.
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The stock shall be 83.49 million tons at the end of 2014/15 and the stock/consumption ratio
shall be 39.1%.
Attached Tables
Attached Table 1, China’s Corn Production and Yield, 2014
Unit: 000HA, KG/HA, 000MT, %
Acreage
Yield
Production
2012
2013
2014e
2012
2013
2014e
2012
2013
2014
35,030
35,800
37,076
5,956
6,020
5,817
208,156
218,489
215,673
Hebei
3,049
3,063
3,170
5,410
5,418
5,290
16,495
16,594
16,769
Shanxi
1,669
1,692
1,751
5,416
5,652
5,517
9,039
9,560
9,660
Subtotal
4,718
4,754
4,921
5,412
5,501
5,638
25,534
26,154
26,429
2,834
3,008
3,113
6,297
6,229
6,081
17,844
18,736
18,933
Liaoning
2,207
2,218
2,295
6,451
6,717
6,558
14,235
14,896
15,053
Jilin
3,284
3,334
3,451
7,852
7,968
7,804
25,788
26,561
26,929
Heilongjiang
5,191
5,450
5,641
5,564
5,719
5,583
28,879
31,169
31,497
Subtotal
13,515
14,009
14,501
6,418
6,522
6,373
86,746
91,363
92,412
Anhui
823
826
855
5,197
5,277
5,152
4,275
4,361
4,406
Shandong
3,018
3,040
3,147
6,609
6,613
6,456
19,945
20,105
20,316
Henna
3,100
3,177
3,288
5,638
5,668
5,533
17,478
18,005
18,195
Subtotal
6,941
7,044
7,291
6,008
6,030
7,689
41,698
42,471
42,917
Sichuan
1,371
1,379
1,428
5,115
5,083
4,962
7,013
7,010
7,084
Guizhou
775
763
789
4,415
5,385
5,257
3,423
4,107
4,150
Yunnan
1,457
1,471
1,523
4,805
5,328
5,202
7,000
7,840
7,922
Subtotal
3,603
3,613
3,740
4,839
5,246
4,319
17,436
18,957
19,156
Shaanxi
1,167
1,157
1,198
4,856
5,043
4,924
5,669
5,836
5,897
Xinjiang
856
899
930
6,919
6,458
6,305
5,921
5,803
5,864
Subtotal
2,023
2,056
2,128
5,729
5,662
2,282
11,590
11,638
11,761
4,230
4,324
4,409
5,481
5,383
4,894
23,180
23,277
23,522
Total
North
Northeast
Inner
Mongolia
East
Southwest
Northwest
Other
provinces
Data source: BGAgri Database, Date of Forecast: January, 2015.
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Attached Table 2, China Corn Import Volume and Price by Original Country, Dec, 2014
Unit: 000MT, US$/MT
Dec, 14
CIF
Jan–Dec, 14
Average Price,
Jan.–Dec, 13
Jan.–Dec, 14
Average Price,
Jan.–Dec, 13
607.1
267.5
2,599.0
278.3
3,264.2
285.0
18.3
363.7
1,027.1
285.7
2,967.4
285.5
Ukraine
393.9
263.5
964.3
267.5
108.9
240.3
Bulgaria
0.7
352.2
210.8
302.9
3.1
285.2
Thailand
91.4
240.4
120.3
256.9
0.1
303.5
Laos
53.6
326.0
110.0
324.8
55.9
-
Burma
30.0
290.8
42.2
270.5
26.1
280.1
Others
19.2
-
124.3
-
102.6
-
Total
United States
Data source: China Customs.
Attached Table 3, China Corn Import Volume and Price by Customs, Dec, 2014
Unit: 000MT, US$/MT
Dec, 14
CIF
Jan.–Dec,14
Average Price,
Jan.–Dec, 13
Jan.–Dec, 14
Average Price,
Jan.–Dec, 13
Total
607.1
267.5
2,599.0
278.3
3,264.2
285.0
Huangpu Customs
210.6
254.9
1,083.9
264.8
686.0
273.3
Qingdao Customs
13.7
269.8
350.9
274.9
272.9
281.1
Nanjing Customs
90.3
267.9
341.8
288.2
673.5
285.7
Shenzhen Customs
10.0
252.0
163.9
264.1
186.8
275.9
Kunming Customs
83.6
313.4
152.2
309.7
107.9
313.2
Changsha Customs
3.7
266.2
53.7
277.1
10.7
304.4
195.2
-
452.7
-
1,326.3
-
Others
Data source: China Customs.
Attached Table 4, China Corn Import Volume and Price by Province, Dec., 2014
Unit: 000MT, US$/MT
Dec, 14
CIF
Jan.–Dec,14
Average Price,
Jan.–Dec, 1
Average Price,
Jan.–Dec, 14
3
Jan.–Dec, 13
Total
607.1
267.5
2,599.0
278.3
3,264.2
285.0
Guangdong
291.8
255.2
1,220.0
264.6
905.7
274.9
Shandong
13.7
269.8
349.4
274.9
334.1
282.5
Hunan
25.1
269.6
166.7
284.2
52.8
290.0
Yunnan
83.6
313.4
152.2
309.7
111.1
312.2
Jiangxi
50.2
266.4
122.3
274.3
44.4
275.6
Jiangsu
40.0
268.0
103.7
277.0
375.2
287.8
Others
102.8
-
484.7
-
1,440.8
-
Data source: China Customs.
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Attached Table 5, China Corn Export Volume and Price by Country of Destination, Dec., 2014
Unit: 000MT, US$/MT
Dec., 14
Jan.–Dec., 14
FOB
Average Price,
Jan.–Dec.,13
Jan.–Dec., 14
Average Price,
Jan.–Dec.,13
Total
1.8
363.7
19.8
350.1
77.3
415.9
Korea, DPR
1.3
379.9
15.6
361.6
76.6
416.7
Others
0.4
-
5.1
-
0.8
-
Data source: China Customs.
Attached Table 6, China Corn Export Volume and Price by Customs, Dec., 2014
Unit: 000MT, US$/MT
Dec., 14
FOB
Jan.–Dec.,
Average Price,
Jan.–Dec.,
Average Price,
14
Jan.–Dec., 14
13
Jan.–Dec.,13
Total
1.8
363.7
19.9
350.1
77.3
415.9
Dalian Customs
0.6
368.8
8.6
371.4
63.5
424.7
Changchun Customs
0.7
388.9
4.9
387.9
13.1
377.6
Others
0.4
-
6.4
-
0.8
-
Data source: China Customs.
Attached Table 7, China Corn Export Volume and Price by Province, Dec., 2014
Unit: 000MT, US$/MT
Dec., 14
FOB
Jan.–Dec., 14
Average Price,
Jan.–Jan.,13
Jan.–Dec., 14
Average Price,
Jan.–Dec.,13
Total
1.8
363.7
19.9
350.1
77.3
415.9
Jilin
1.2
378.9
8.2
386.0
23.3
377.5
Others
0.5
-
11.7
-
54.0
-
Data source: China Customs.
Attached Table 8, China DDGS Import Volume and Price by Original Country, Dec, 2014
Unit: 000MT, US$/MT
Dec, 14
FOB
Jan.–Dec, 14
Average Price,
Jan.–Dec, 13
Jan.–Dec, 14
Average Price,
Jan.–Dec, 13
Total
26.2
324.8
5,414.9
325.7
4,001.5
351.3
American
26.1
323.1
5,412.9
325.6
4,000.2
351.0
Data source: China Customs.
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Attached Table 9, China Corn Starch Export Volume and Price by Country of Destination,
Dec, 2014
Unit: 000MT, US$/MT
Dec, 14
FOB
Jan.–Dec, 14
Average Price,
Jan.–Dec, 13
Average Price,
Jan.–Dec, 14
Jan.–Dec, 13
Total
3.6
592.4
50.5
536.4
92.0
522.8
Indonesia
1.9
539.4
21.2
507.6
31.7
506.5
Nigeria
0.0
0.0
5.7
461.6
15.7
475.7
Hongkong
0.4
1,039.7
4.0
825.3
5.2
807.3
Australia
0.3
591.9
2.8
572.9
2.5
564.7
Malaysia
0.0
578.3
2.5
510.7
4.2
512.4
Taiwan
0.1
616.2
1.9
491.2
4.1
514.7
Others
0.9
-
12.5
-
28.6
-
Data source: China Customs.
Attached Table 10, China’s Corn Supply and Demand, 2008/09~2014/15
Unit: 000MT, 000HA, KG/HA, %
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15e
46,118
55,265
40,755
41,350
50,119
63,397
78,192
165,923
150,856
177,245
191,743
205,614
218,490
215,673
29,864
31,183
32,500
34,067
35,030
35,650
37,076
5,556
4,679
5,454
5,628
5,870
5,929
5,817
212,041
206,121
218,000
233,093
255,733
281,887
293,865
47
1,296
979
5,300
2,702
3,276
3,000
212,088
207,418
218,979
238,393
258,435
285,164
296,865
Food Consumption
8,500
9,000
9,000
9,500
10,000
10,500
11,000
Feed Consumption
107,782
112,130
120,000
128,000
135,000
140,000
145,000
37,000
42,000
45,000
43,000
46,000
48,000
50,000
1,247
1,300
1,339
1,379
1,400
1,400
1,400
Carry in
Production
Planted Acreage
Yield
Domestic supply
Import
Total supply
Industrial Consumption
Seed Consumption
Waste
Domestic Consumption
Export
Total Consumption
Carry out
Stocks/Use Ratio
2,120
2,061
2,180
2,330
2,557
7,047
5,877
154,530
164,430
175,339
181,879
192,400
199,900
207,400
172
172
110
91
80
24.1
100
156,822
166,663
177,629
184,300
195,037
206,971
213,377
55,265
40,755
41,350
54,092
63,397
78,192
83,488
35.2
24.5
23.3
29.4
32.5
37.8
39.1
Data source: BGAgri Database, Date of Forecast: November, 2014.
Add: S201, Yinhai Building, A No.10 South Zhongguancun Avenue, Haidian District, Beijing, PRC 100081
Tel: 86-10-82168537
Fax: 86-10-82168057
E-mail: info.bj@agrichn.com
Website: www.agrichn.com
Page 25 of 34
China Monthly Corn Market Report
Beijing Green Agriculture Sci-Tech Development Co., Ltd.
Attached Figures
Attached Fig. 1, Average Purchasing Price of Corn in the Northeast, 2012-2015
Unit: RMByuan/MT
2500
2400
2300
2200
2100
2000
12/01
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
13/01
13/02
13/03
13/04
13/05
13/06
13/07
13/08
13/09
13/10
13/11
13/12
14/01
14/02
14/03
14/04
14/05
14/06
14/07
14/08
14/09
14/10
14/11
14/12
15/01
1900
heilongjiang
jilin
liaoning
inner mongolia
Data source: BGAgri Database.
Attached Fig. 2, Average Sales Price of Corn in the Huanghuaihai District, 2012-2015
Unit: RMByuan/MT
2800
2700
2600
2500
2400
2300
2200
2100
2000
12/01
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
13/01
13/02
13/03
13/04
13/05
13/06
13/07
13/08
13/09
13/10
13/11
13/12
14/01
14/02
14/03
14/04
14/05
14/06
14/07
14/08
14/09
14/10
14/11
14/12
15/01
1900
hebei
shandong
henan
shanxi
Data source: BGAgri Database.
Add: S201, Yinhai Building, A No.10 South Zhongguancun Avenue, Haidian District, Beijing, PRC 100081
Tel: 86-10-82168537
Fax: 86-10-82168057
E-mail: info.bj@agrichn.com
Website: www.agrichn.com
Page 26 of 34
China Monthly Corn Market Report
Beijing Green Agriculture Sci-Tech Development Co., Ltd.
Attached Fig. 3, Average Sales Price of Corn in the South, 2012-2015
Unit: RMByuan/MT
2900
2800
2700
2600
2500
2400
2300
12/01
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
13/01
13/02
13/03
13/04
13/05
13/06
13/07
13/08
13/09
13/10
13/11
13/12
14/01
14/02
14/03
14/04
14/05
14/06
14/07
14/08
14/09
14/10
14/11
14/12
15/01
2200
hunan
sichuan
fujian
guandong
Data source: BGAgri Database.
Attached Fig. 4, Average Sales Price of Corn in the Major Ports, 2012-2015
Unit: RMByuan/MT
2,800
2,700
2,600
2,500
2,400
2,300
2,200
12/01
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
13/01
13/02
13/03
13/04
13/05
13/06
13/07
13/08
13/09
13/10
13/11
13/12
14/01
14/02
14/03
14/04
14/05
14/06
14/07
14/08
14/09
14/10
14/11
14/12
15/01
2,100
dalian port
shanhai port
huangpu port
fangchenggang port
Data source: BGAgri Database.
Add: S201, Yinhai Building, A No.10 South Zhongguancun Avenue, Haidian District, Beijing, PRC 100081
Tel: 86-10-82168537
Fax: 86-10-82168057
E-mail: info.bj@agrichn.com
Website: www.agrichn.com
Page 27 of 34
China Monthly Corn Market Report
Beijing Green Agriculture Sci-Tech Development Co., Ltd.
Attached Fig. 5, China Corn Imports by Month, 2011-2014
Unit: 000MT
900
800
700
600
500
400
300
200
100
Jan
Feb
Mar
2011
Apr
May
Jun
2012
Jul
Aug
2013
Sep
Oct
Nov
Dec
2014年
Data source: China Customs.
Attached Fig. 6, China Corn Import price (CIF) by Month, 2011-2014
Unit: US$/MT
900
800
700
600
500
400
300
200
11/01
11/02
11/03
11/04
11/05
11/06
11/07
11/08
11/09
11/10
11/11
11/12
12/01
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
13/01
13/02
13/03
13/04
13/05
13/06
13/07
13/08
13/09
13/10
13/11
13/12
14/01
14/02
14/03
14/04
14/05
14/06
14/07
14/08
14/09
14/10
14/11
14/12
100
Data source: China Customs.
Add: S201, Yinhai Building, A No.10 South Zhongguancun Avenue, Haidian District, Beijing, PRC 100081
Tel: 86-10-82168537
Fax: 86-10-82168057
E-mail: info.bj@agrichn.com
Website: www.agrichn.com
Page 28 of 34
China Monthly Corn Market Report
Beijing Green Agriculture Sci-Tech Development Co., Ltd.
Attached Fig. 7, China Corn Exports by Month, 2011-2014
Unit: 000MT
60
50
40
30
20
10
0
Jan
Feb
Mar
Apr
2011
May
Jun
Jul
2012
2013
Aug
Sep
Oct
Nov
Dec
2014
Data source: China Customs.
Attached Fig. 8, China Corn Export price (CIF) by Month, 2011-2014
Unit: US$/MT
460
440
420
400
380
360
340
320
300
280
260
240
11/01
11/02
11/03
11/04
11/05
11/06
11/07
11/08
11/09
11/10
11/11
11/12
12/01
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
13/01
13/02
13/03
13/04
13/05
13/06
13/07
13/08
13/09
13/10
13/11
13/12
14/01
14/02
14/03
14/04
14/05
14/06
14/07
14/08
14/09
14/10
14/11
14/12
220
Data source: China Customs.
Add: S201, Yinhai Building, A No.10 South Zhongguancun Avenue, Haidian District, Beijing, PRC 100081
Tel: 86-10-82168537
Fax: 86-10-82168057
E-mail: info.bj@agrichn.com
Website: www.agrichn.com
Page 29 of 34
China Monthly Corn Market Report
Beijing Green Agriculture Sci-Tech Development Co., Ltd.
Attached Fig. 9, Pig Breeding Benefit in China, 2009-2015
Unit:RMB/Head
900
800
700
600
500
400
300
200
100
0
-100
-200
-300
-400
09/02
09/03
09/05
09/07
09/09
09/11
10/01
10/03
10/04
10/06
10/08
10/10
10/12
11/01
11/03
11/05
11/07
11/09
11/11
12/01
12/02
12/04
12/06
12/08
12/10
12/12
13/01
13/03
13/05
13/07
13/09
13/11
13/12
14/02
14/04
14/06
14/08
14/10
14/12
15/01
-500
Data source: BGAgri Database.
Attached Fig. 10, Broiler Breeding Benefits of Major Producing Areas in China, 2009-2015
Unit：RMB/bird
6.0
4.0
2.0
0.0
-2.0
-4.0
Data source: BGAgri Database.
Add: S201, Yinhai Building, A No.10 South Zhongguancun Avenue, Haidian District, Beijing, PRC 100081
Tel: 86-10-82168537
Fax: 86-10-82168057
E-mail: info.bj@agrichn.com
Website: www.agrichn.com
Page 30 of 34
15/01
14/10
14/07
14/04
14/01
13/10
13/07
13/04
13/01
12/10
12/07
12/04
12/01
11/10
11/07
11/04
11/01
10/10
10/07
10/04
10/01
09/10
09/07
09/04
09/01
-6.0
China Monthly Corn Market Report
Beijing Green Agriculture Sci-Tech Development Co., Ltd.
Attached Fig. 11, Laying Chicken Breeding Benefits of Major Producing Areas in China, 2009-2015
Unit：RMB/100 layers/day
23.0
20.0
17.0
14.0
11.0
8.0
5.0
2.0
-1.0
-4.0
-7.0
15/01
14/09
14/05
14/01
13/09
13/05
13/01
12/09
12/05
12/01
11/09
11/05
11/01
10/09
10/05
10/01
09/09
09/05
09/01
-10.0
Data source: BGAgri Database.
Attached Fig. 12, Industrial Feed Production by Month, 2011-2014
Unit: 000MT
24,000
22,000
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
Jan
Feb
Mar
2011
Apr
May
Jun
2012
Jul
Aug
2013
Sep
Oct
Nov
Dec
2014
Data source: NBSC and BGAgri Database.
Add: S201, Yinhai Building, A No.10 South Zhongguancun Avenue, Haidian District, Beijing, PRC 100081
Tel: 86-10-82168537
Fax: 86-10-82168057
E-mail: info.bj@agrichn.com
Website: www.agrichn.com
Page 31 of 34
China Monthly Corn Market Report
Beijing Green Agriculture Sci-Tech Development Co., Ltd.
Attached Fig. 13, Average Price of Corn Starch in China, 2012-2015
Unit: RMByuan/MT
3,600
3,500
3,400
3,300
3,200
3,100
3,000
2,900
2,800
12/01
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
13/01
13/02
13/03
13/04
13/05
13/06
13/07
13/08
13/09
13/10
13/11
13/12
14/01
14/02
14/03
14/04
14/05
14/06
14/07
14/08
14/09
14/10
14/11
14/12
15/01
2,700
Data source: BGAgri Database.
Attached Fig. 14, Production Profits of Corn Starch in China, 2012-2015
Unit: RMByuan/MT
500
400
300
200
100
-100
-200
-300
-400
12/01
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
13/01
13/02
13/03
13/04
13/05
13/06
13/07
13/08
13/09
13/10
13/11
13/12
14/01
14/02
14/03
14/04
14/05
14/06
14/07
14/08
14/09
14/10
14/11
14/12
15/01
-500
Data source: BGAgri Database.
Add: S201, Yinhai Building, A No.10 South Zhongguancun Avenue, Haidian District, Beijing, PRC 100081
Tel: 86-10-82168537
Fax: 86-10-82168057
E-mail: info.bj@agrichn.com
Website: www.agrichn.com
Page 32 of 34
China Monthly Corn Market Report
Beijing Green Agriculture Sci-Tech Development Co., Ltd.
Attached Fig. 15, China Corn Starch Exports by Month, 2011-2014
Unit: 000MT
40
35
30
25
20
15
10
5
Jan
Feb
Mar
Apr
2011
May
Jun
2012
Jul
Aug
2013
Sep
Oct
Nov
Dec
2014
Data source: China Customs.
Attached Fig. 16, Average Price of DDGS in China, 2012-2015
Unit: RMB yuan/MT
2,700
2,500
2,300
2,100
1,900
1,700
12/01
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
13/01
13/02
13/03
13/04
13/05
13/06
13/07
13/08
13/08
13/09
13/10
13/11
13/12
14/01
14/02
14/03
14/04
14/05
14/06
14/07
14/08
14/09
14/10
14/11
14/12
15/01
1,500
Data source: BGAgri Database.
Add: S201, Yinhai Building, A No.10 South Zhongguancun Avenue, Haidian District, Beijing, PRC 100081
Tel: 86-10-82168537
Fax: 86-10-82168057
E-mail: info.bj@agrichn.com
Website: www.agrichn.com
Page 33 of 34
China Monthly Corn Market Report
Beijing Green Agriculture Sci-Tech Development Co., Ltd.
Attached Fig. 17, Production Profits of Corn Alcohol in China, 2012-2015
Unit: RMByuan/MT
800
600
400
200
-200
-400
-600
12/01
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
13/01
13/02
13/03
13/04
13/05
13/06
13/07
13/08
13/09
13/10
13/11
13/12
14/01
14/02
14/03
14/04
14/05
14/06
14/07
14/08
14/09
14/10
14/11
14/12
15/01
-800
Data source: BGAgri Database.
Attached Fig. 18, China DDGS Imports by Month, 2011-2014
Unit: 000MT
700
600
500
400
300
200
100
Jan
Feb
Mar
2011
Apr
May
Jun
2012
Jul
Aug
2013
Sep
Oct
Nov
Dec
2014
Data source: China Customs.
Add: S201, Yinhai Building, A No.10 South Zhongguancun Avenue, Haidian District, Beijing, PRC 100081
Tel: 86-10-82168537
Fax: 86-10-82168057
E-mail: info.bj@agrichn.com
Website: www.agrichn.com
Page 34 of 34