China plans to harvest a record 700 million tons of grain in 2024

In 2024, grain production in China may reach a record 700 million tons, which will be 0.7% higher than the harvest of 2023 (695.41 million tons), the country's MSG reports.

In recent years, the world's largest grain producer, which is heavily dependent on imports from the US and Brazil, has significantly increased investment in agricultural machinery and seed technology to ensure food security for its 1.4 billion people.

For 9 consecutive years, China's grain production has been stable at more than 650 million tons, and this year it will exceed 700 million tons for the first time. At the same time, soybean stocks are still dependent on imports, and corn production does not meet demand, so the authorities continue to work to ensure stable and safe supplies of grain. To increase the production of soybeans, MSG bred new varieties with high productivity and oil content. In addition, it is planned to introduce subsidies for the processing and import of soybeans.

Pork prices remained stable in the 4th quarter, which supported production profitability at a normal level. Prices for pork, beef and dairy products are gradually recovering from last year's collapse caused by rapid farm expansion amid reduced consumption that led to an oversupply.

An increase in the slaughter of pigs, meat and dairy cattle stopped the pace of growth of livestock production and stabilized prices. Currently, the country's MSG is monitoring the number of livestock, especially pigs, as a sharp increase in the number of piglets could collapse pork prices next year. As of the end of September, there were 40.62 million sows in the country - reports the Ministry of Health of China.