The January WASDE had relatively few surprises for Chinese supply and demand estimates.
On corn, the USDA adopted the production numbers previously released by the Chinese National Bureau of Statistics. This changed the estimate for 2025/26 production from 295 million tons on the December report to 301.24 million tons. There were no changes in import or demand estimates.
Soybean production was lowered slightly from 21 million tons to 20.9 million tons, and food use was also reduced by the same a...