black sea grains conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...black sea...
TRANSCRIPT
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Black Sea Grains Conference
April 17-18, 2013
Kiev, Ukraine By
Guo Jia Hua
Dongling Grain & Oil Co., Ltd [email protected]
www.dongling.cn
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China Soybean & Grains Market Projected Deficit for 2013-2015
& Market Outlook
I) Geographical and Economic Briefing
II) Overview of Current Markets
III) Likely Supply Deficit in Years Ahead
IV) China Soybean & Corn Supply-Demand
V) Summary of Market Outlook
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Source: China Statistical Yearbook
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Source: China Statistical Yearbook
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Source: China Statistical Yearbook
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I) Geographical and Economic Briefing
II) Overview of Current Markets
III) Likely Supply Deficit in Years Ahead
Ⅳ) China Soybean & Corn Supply-Demand
V) Summary of Market Outlook
![Page 11: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/11.jpg)
II) Overview of Current Markets
* Oilseeds Market
* Meat Production
* Feed Industry
* Crushing Industry
* Import Needs for Oilseeds & Edible Oils
![Page 12: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/12.jpg)
China Oilseeds Distribution
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Soybean in China
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Rapeseed in China
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Groundnut in China
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Cotton in China
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II) Overview of Current Markets
* Oilseeds Market
* Meat Production
* Feed Industry
* Crushing Industry
* Import Needs for Oilseeds & Edible Oils
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Meat Production by Type
Source: China Statistical Yearbook
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62% of Meat Production Being Distributed
Along the Coastal Regions
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Component Changes of Meat Production
in China
Source: China Statistical Yearbook
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II) Overview of Current Markets
* Oilseeds Market
* Meat Production
* Feed Industry * Crushing Industry
* Import Needs for Oilseeds & Edible Oils
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Continual Growth of Feed Production
in China
Source: China Feed Industry Association
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Continual Growth of Feed Production
in China
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Feed production in China 2011
Source: China Feed Industry Association
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72% of Feed Production Capacity Being
Distributed Along Coastal Regions
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II) Overview of Current Markets
* Oilseeds Market
* Meat Production
* Feed Industry
* Crushing Industry * Import Needs for Oilseeds & Edible Oils
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75% of Crushing Capacity is located along
Coastal Regions
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Top 13 Crushers Account for 62% of National
Crushing Capacity
Source: Own Estimate
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Production Capacity Along Coastal Regions Meat = 62% Feed = 72% Crushing = 75%
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II) Overview of Current Markets
* Oilseeds Market
* Meat Production
* Feed Industry
* Crushing Industry
* Import Needs for Oilseeds & Corn
![Page 33: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/33.jpg)
Robust Growth of Soybean Meal
Consumption
Source: USDA
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Stagnant Production of Domestic Soybean
Source: USDA
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Widening Soybean Deficit
Source: USDA
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Explosive Import of soybean resulting
from Big Deficit
Source: USDA
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Robust Growth of Domestic Consumption
of Vegetable Oil
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Stagnant Production of Domestic
Oilseeds
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Widening Deficit of Domestic Supply
of Edible Oils
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Explosive Import of oilseeds and Oils
resulting from Big Deficit
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Continual Growth of Domestic Corn Consumption
Source: USDA
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Can China Corn Production Maintain Sufficient Growth ??
Source: USDA
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0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
0
5
10
15
20
25
30
35
40
07/08 08/09 09/10 10/11 11/12 12/13
Official Corn Planting Area - Too Optimistic / Too High
Planting Area % Growth
mln HA
Source: CNGOIC
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Expected Flattening Growth of Corn
Production
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-10
-5
0
5
10
15
20
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
China Corn – Trending to be net Importer
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I) Geographical and Economic Briefing
II) Overview of Current Markets
III) Likely Supply Deficit in Years Ahead
Ⅳ) China Soybean & Corn Supply-Demand
V) Summary of Market Outlook
![Page 47: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/47.jpg)
Projected Meat & Feed Production
Source: China Feed Industry Association ,China Statistical Yearbook
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1、Higher Meat Consumption Due to
Increase of Population Size
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2、Higher Meat Consumption Due to
Higher Urbanization Rate
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Grains & Meats Consumption Per Capita – Farms Vs City
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3、Higher Meat Consumption Due to Higher GDP Per Capita
Source: USDA
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4、National Policy - in favor of Grains Production instead of Oilseeds
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Projected Domestic Soybean Deficit
Source: USDA &Own Estimate
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Projected Domestic Soybean Import
Source: USDA &Own Estimate
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0
20 000
40 000
60 000
80 000
100 000
120 000
140 000
160 000
180 000
200 000
09/10 10/11 11/12 12/13(E) 13/14(P) 14/15 (P)
China - Expected Higher Corn Consumption
Feed Usage Industry Usage Food Usage Seeding & Residues
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0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
0
5
10
15
20
25
30
35
40
07/08 08/09 09/10 10/11 11/12 12/13
Official Corn Planting Area - Too Optimistic / Too High
Planting Area % Growth
mln HA
Source: CNGOIC
![Page 57: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/57.jpg)
Corn Self-sufficiency – Hard to be Continued!!
Source: USDA &Own Estimate
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Projected Domestic Corn Deficit
Source: Own Estimate
![Page 59: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/59.jpg)
China - Corn Import to Become Regular Activity
Source: Own Estimate
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I) Geographical and Economic Briefing
II) Overview of Current Markets
III) Possible Deficit Scenario in Years Ahead
Ⅳ) China Soybean & Corn S-D
V) Summary of Market Outlook
![Page 61: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/61.jpg)
China Soybean S-D
Source: USDA & Own Estimate
(000 MT for Prod etc)
(000 HA for Area)
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China Corn S-D
Source: USDA & Own Estimate
![Page 63: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/63.jpg)
1、China’s Oilseeds Supply
![Page 64: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/64.jpg)
2、China’s Edible Oils Supply
![Page 65: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/65.jpg)
3、China’s Edible Oils Consumption
![Page 66: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/66.jpg)
4、China Incremental Supply & Demand
![Page 67: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/67.jpg)
Summary of Market Outlook * Smaller import volume (Vs USDA) of soybean for 2012/2013 was
due to logistic problems in Brazil; * Soybean stock for both Commercial and Government Reserve were
drawn down by delay arrival of Brazil soybean and this is expected to induce record import soybean volume for 2013/2014;
* Higher canola seed import was due to by strong protein demand and relatively tight SBM supply;
* Corn import to China is becoming a regular activity and volume will be picked up gradually in years ahead;
* Expected import volume to China for 2012/2013: Soybean - 59 mln tons; Canola Seed - 3.0 mln tons; Soybean Oil - 1.3 mln tons; Rapeseed Oil - 0.6 mln tons; Palm Olein - 6.0 mln tons;
![Page 68: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/68.jpg)
• Recent negative margin in Hog and Poultry sectors will limit growth of SBM demand for LH of 2013 but current high live hog # in farms will maintain strong demand for SBM;
• Price of edible oils will continue to be on defensive in months ahead, particularly SBO because of above normal stock level and cheap PO;
• Current above normal px spread of SBO/PO will induce more application of PO in blended edible oils & for industrial uses;
• Expected strong meal / weak oil scenario to be continued in months ahead;
![Page 69: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/69.jpg)
43
44
45
46
47
48
49
50
51
52
410
420
430
440
450
460
470
480
Mln Heads Mln Heads
High Sow # in Farms Ensure Strong Demad for SBM
Hog in Farms Sow in Farms
![Page 70: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/70.jpg)
-100
400
900
1400
1900
2400
3000
4000
5000
6000
7000
8000
9000
10000
11000
20
09
.07
.20
20
09
.08
.11
20
09
.09
.08
20
09
.10
.12
20
09
.11
.06
20
09
.12
.04
20
10
.01
.04
20
10
.02
.01
20
10
.03
.08
20
10
.04
.05
20
10
.05
.04
20
10
.06
.02
20
10
.07
.06
20
10
.08
.05
20
10
.09
.02
20
10
.10
.09
20
10
.11
.05
20
10
.12
.03
20
10
.12
.31
20
11
.01
.31
20
11
.03
.08
20
11
.04
.07
20
11
.05
.06
20
11
.06
.29
20
11
.07
.28
20
11
.08
.25
20
11
.09
.23
20
11
.10
.28
20
11
.11
.25
20
11
.12
.23
20
12
.02
.09
20
12
.03
.08
20
12
.04
.11
20
12
.05
.10
20
12
.06
.07
20
12
.07
.06
20
12
.08
.03
20
12
.08
.31
20
12
.09
.28
20
12
.11
.02
20
12
.11
.30
20
12
.12
.28
20
13
.01
.30
20
13
.03
.04
Local Ex-warehouse CDSBO and Local Ex-warehouse Palm Oil Price
spread2 Local Ex-warehouse CDSBO
当地豆油价格
Local Ex-warehouse Palm Oil
本地棕榈油报价
![Page 71: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/71.jpg)
Swing Factors • Macro-factor: Euro Debt Crisis Development / US$; • Timing of local hog farms to reduce Sow # in responsive to
current negative margin; • Logistic problems in Brazil / possible strikes in Argentine /
possible soybean demand Swift to US origin in months ahead; • Government Policy: * Subsidizing policy over Starch export; * Continued restriction over use of Corn by local Ethanol
Plants? * Possible release of soybean from Stock Reserve in 3rd Qtr; * Degree of loosening Monetary Policy in 2013;
![Page 72: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/72.jpg)
Reference Information / Import Data
![Page 73: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/73.jpg)
0
1
2
3
4
5
6
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Corn Import to China to become Regular Activity in Years Ahead
![Page 74: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/74.jpg)
0
500
1000
1500
2000
2500
3000
3500
2007 2008 2009 2010 2011 2012
000tons China - Canola Seed Import
![Page 75: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/75.jpg)
0
500
1000
1500
2000
2500
3000
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
000tons China - Soybean Oil Import
![Page 76: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/76.jpg)
0
1000
2000
3000
4000
5000
6000
7000
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
000tons China - Palm Oil Import
![Page 77: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/77.jpg)
0
500
1000
1500
2000
2500
3000
3500
2007 2008 2009 2010 2011 2012
000tons China - Rapeseed Oil Import
![Page 78: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/78.jpg)
0
20
40
60
80
100
120
140
160
180
2009 2010 2011 2012
000tons China – Sunflower Seed Oil Import
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China – 2013 Import Quota
Commodity Stated-Owned Non State-Owned Total
K tons % K tons % K tons %
Corn 4,320 60% 2,880 40% 7,200 100%
Wheat 8,672 90% 964 10% 9,636 100%
Rice 2,660 50% 2,660 50% 5,320 100%
Cotton 295 33% 599 67% 894 100%
![Page 80: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/80.jpg)
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-100
100
300
500
700
900
1100
1300
1500
3000
4000
5000
6000
7000
8000
9000
10000
11000
12000
20
09
.07
.20
20
09
.08
.11
20
09
.09
.08
20
09
.10
.12
20
09
.11
.06
20
09
.12
.04
20
10
.01
.04
20
10
.02
.01
20
10
.03
.08
20
10
.04
.05
20
10
.05
.04
20
10
.06
.02
20
10
.07
.06
20
10
.08
.05
20
10
.09
.02
20
10
.10
.09
20
10
.11
.05
20
10
.12
.03
20
10
.12
.31
20
11
.01
.31
20
11
.03
.08
20
11
.04
.07
20
11
.05
.06
20
11
.06
.29
20
11
.07
.28
20
11
.08
.25
20
11
.09
.23
20
11
.10
.28
20
11
.11
.25
20
11
.12
.23
20
12
.02
.09
20
12
.03
.08
20
12
.04
.11
20
12
.05
.10
20
12
.06
.07
20
12
.07
.06
20
12
.08
.03
20
12
.08
.31
20
12
.09
.28
20
12
.11
.02
20
12
.11
.30
20
12
.12
.28
20
13
.01
.30
20
13
.03
.04
Argentina Imported CDSBO and Local EX-warehouse CDSBO
spread 价差 Argentina Imported CDSBO
阿根廷豆油进口成本
Local Ex-warehouse CDSBO
当地豆油价格
![Page 82: Black Sea Grains Conferencebsg.blackseagrainconference.com/en/2013/presentations/prs...Black Sea Grains Conference April 17-18, 2013 Kiev, Ukraine By Guo Jia Hua Dongling Grain & Oil](https://reader034.vdocuments.net/reader034/viewer/2022042200/5ea050a4761eb163bc7cd26e/html5/thumbnails/82.jpg)
-100
100
300
500
700
900
1100
1300
1500
3000
4000
5000
6000
7000
8000
9000
10000
11000
12000
20
09
.07
.20
20
09
.08
.11
20
09
.09
.08
20
09
.10
.12
20
09
.11
.06
20
09
.12
.04
20
10
.01
.04
20
10
.02
.01
20
10
.03
.08
20
10
.04
.05
20
10
.05
.04
20
10
.06
.02
20
10
.07
.06
20
10
.08
.05
20
10
.09
.02
20
10
.10
.09
20
10
.11
.05
20
10
.12
.03
20
10
.12
.31
20
11
.01
.31
20
11
.03
.08
20
11
.04
.07
20
11
.05
.06
20
11
.06
.29
20
11
.07
.28
20
11
.08
.25
20
11
.09
.23
20
11
.10
.28
20
11
.11
.25
20
11
.12
.23
20
12
.02
.09
20
12
.03
.08
20
12
.04
.11
20
12
.05
.10
20
12
.06
.07
20
12
.07
.06
20
12
.08
.03
20
12
.08
.31
20
12
.09
.28
20
12
.11
.02
20
12
.11
.30
20
12
.12
.28
20
13
.01
.30
20
13
.03
.04
Malay Imported Palm Oil and Local EX-warehouse Palm Oil
spread Malay Imported Palm Oil
马来西亚进口棕榈油成本
Local Ex-warehouse Palm Oil
本地棕榈油报价