USDA-FAS Gain Report 2020-0145 released on November 4th documented the production and disposition of corn in the Peoples Republic of China for the 2020-2021 marketing year.  Beginning stocks were estimated at 213 million metric tons (8,392 million bushels).  Production will attain 250 million metric tons (9,850 million bushels).  Production will be approximately 4.2 percent lower than the 2019-2020 market year.  Imports were projected to increase sharply from 7 million metric tons to 22 million tons or close to 4.5 percent of total supply due to the effect of drought and typhoons in some areas.  Of the 485 million metric tons available, 39.5 percent will be for feed and residual with 18.2 percent for food, seed, and industrial consumption.  Exports will represent a small proportion of production attaining approximately 20,000 metric tons. Ending stocks will be 204 million metric tons (8,037 million bushels).

Yield, based on acreage and production data is estimated at 98 bushels per acre attesting to non-GMO seed, inadequate fertilizer and pesticide application and other inefficiencies.

Corn was quoted on the Dalian Commodity exchange on Friday November 6th at $350 per short to compared to the CME at $148 per ton.