Dim Sums: Agricultural Markets in China

China has increased its agricultural imports this year despite largely snubbing products from the United States. Calculations using China's customs statistics indicate that China imported $10.3 billion of agricultural and food products during October 2018, up from $9.3 billion in October last year, a $1.6-billion year-on-year increase. China's imports of ag products from the United States during October were $866 million less than a year earlier. The decline in imports from the U.S. will become even more prominent during November-January if China is able to continue avoiding imports of U.S. soybeans during those months--usually the peak season for U.S. soybean supplies. Brazil has played a dominant role in keeping China supplied with soybeans. China's October ag imports from Brazil doubled from a year ago. The $1.65-billion year-on-year boost in purchases from Brazil was also twice as much as the year-on-year drop in imports from the United States. Brazil was, by far, t...

Revised statistics show China has more corn and pork, and less vegetables, fruits, milk and beef than previously reported. In their revision after conducting an agricultural census last year, China's statisticians discovered 43.7 million metric tons of additional grain--most of it corn. Their 2017 estimate of "grain" output (includes cereals, beans, and tubers) was increased from 617.9 mmt published earlier this year in a Statistical Abstract to 661.6 mmt published in last month's China Statistical Yearbook. Corn has clearly supplanted rice as king of Chinese agriculture after a 20-percent increase in estimated corn output--from 215.89 mmt to 259.07 mmt--that accounted for nearly all of the increase in estimated grain output. Corn output now clearly exceeds output of rice by a wide margin, and the revised total of 42.4 million hectares planted in corn exceeds the 30.7 million hectares planted in rice. China 2017 Grain Output Revision Old Rev...