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China market update
Story Date: 2/22/2021
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Source: Danny Ding, NCDA&CS, 2/19/21
Due to the delay of soybean harvest in Brazil, buyers including China will rely on the U.S. for longer than before in 2021. It has also prompted U.S. soybean prices to rise for three consecutive days starting from this Tuesday.
So far this crop year, the U.S. corn export inspection volume has totaled 22,781,818 metric tons, compared with 12,386,309 metric tons in the same period of the previous year. It is believed that China's large orders have made a huge contribution to the significant growth.
During the Spring Festival Golden Week from February 11th to 17th, key retail and catering companies across the country achieved sales of approximately US$ 127.26 billion, an increase of 28.7% over the Spring Festival Golden Week last year and an increase of 4.9% over the same period in 2019. In order to reduce the risk brought by eating out and gathering, more consumers in the cities purchased "semi-finished products" for Chinese New Year's Eve dinner and celebrated the New Year at home. The takeaway of semi-finished dinners within the three days before Chinese New Year’s Eve increased fourfold year-on-year.
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