Research Background

Relying on over 20 years of accumulation of industry data, continuous tracking of industry changes and in-depth researches, BOABC will provide you with a valuable analysis report on the corn industry and investment.  

The sown area, per unit area yield and total output of corn in China all increased slightly in 2024, with the output reaching a record high. However, the increase in costs and the decline in prices led to a sharp reduction in planting income. The national output of corn registered 295 million tons thanks to expanded sown area and improved per unit area yield. The annual average price of corn in the main producing regions fell by more than 14 percent on a yearly basis. The costs of seeds, hired labor and agricultural services increased, while the output value declined. According to BOABC’s estimations, the cash income of corn planting roughly reached about 9,090 yuan/hectare (606 yuan/mu), decreasing by 3840yuan/hectare (265yuan/mu) from 2023.

In 2024, China’s corn consumption increased slightly, and the import volume fell from a high level with the rise in import prices. Total corn consumption growth experienced a slowdown over the past decade. Boosted by increased consumption for both feed and industrial purposes, China’s corn consumption 2024/25 is expected to reach 299.64 million tons,  a rise of 1.57 percent from the previous year.  In the January-to-November period of 2024, the average import price of corn in China was US$260/ton, a significant drop of 23.22 percent from that for the full previous year, and the total import volume registered 13.43 million tons, a year-on-year decrease of 39.47 percent, according to data released by the General Administration of Customs of China. BOABC expects that China’s corn imports in 2024/25 (October 2024 to September 2025) will be lower than 10 million tons.

In 2024, corn prices declined, feed processing was profitable, and the profits of corn deep processing diverged. As the decline in corn starch prices was not as sharp as that in corn prices, corn starch processing turned losses into gains, with the annual average profit reaching 47 yuan/ton. Alcohol and DDGS prices dropped significantly, and corn alcohol processing lost 293 yuan/ton this year in contrast a profit of 66 yuan/ton a year earlier.

This report summarizes the characteristics of corn production, trade, consumption and price changes, predicts the development and market trends of China’s corn industry in 2025, and analyzes the operating performance of key domestic corn processors.

BOABC believes that this report is an important decision-making basis for domestic and foreign soybean producers, traders, processors and agricultural investors, as well as a valuable reference for industry associations and research institutions.

Contents
1. Analysis of International Corn Supply and Demand in 2024/25
1.1. Global Corn Output Is Expected to Decrease Slightly in 2024/25
1.2. Global Corn Consumption Is Expected to Edge Up in 2024/25
1.3. Global Corn Trade Is Expected to Decline in 2024/25
1.4. Global Corn Supply-Demand Balance Is Expected to Be Tight in 2024/25   
2. Analysis of  Corn Production in China in 2024
2.1. Corn Output Increased Slightly in 2024
2.2. Corn Production in Main Producing Provinces
2.3. Corn Planting Benefits Declined
3. Analysis of Corn Imports in 2024
3.1. Increased Import Prices and Declined Import Volume in 2024
3.2. Concentrated Sources of China’s Imported Corn 
3.3. Increased Import Profits   
4. Analysis of Corn Consumption in 2024
4.1. Slight Growth in Total Consumption 
4.2. Increased Consumption of Corn for Feed and Industrial Purposes  
4.3.  Polarized Benefits in Corn Processing
5.  Relatively Loose Corn Supply in 2024
6. Analysis of Corn Prices in 2024
6.1. Corn Prices Dropped Significantly, Especially in H2  
6.2. Corn Futures Prices Fell Sharply
7. Analysis of Corn Processing Industry and Key Enterprises
7.1. Development Situation of Corn Processing Industry
7.2. Yufeng Industrial Group (Basic Information and Operation Situation)
7.3. Zhucheng XingMao Corn Developing Co., Ltd. (Basic Information and Operation Situation)
7.4. Xiangyu Group (Basic Information and Operation Situation)  
8. Forecast for China’s Corn Markets in 2025
8.1. Corn Production Forecast
8.2. Corn Imports Forecast
8.3. Corn Consumption Forecast
8.4. Corn Price Trend Forecast

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