1. Report Industry Investment Rating - The industry investment rating is "Bullish" [2] 2. Core View of the Report - In 2025, the global corn supply - demand situation will tighten, and the domestic supply pressure may ease year - on - year. The expected increase in livestock inventory may drive the rigid growth of feed consumption, and domestic demand policies will boost the consumption of the corn deep - processing industry. The domestic corn supply - demand will be in a tight trend, and the price center is expected to rise [5] 3. Summary According to the Directory 3.1 Market Background - The United States, China, Brazil, and Argentina are the top four corn - producing countries in the world, with the US accounting for 32% of global production and being the largest exporter. China's corn production has shown a stable growth trend. In 2024, the import dependence dropped to 1.6%. Corn consumption mainly includes feed, industrial, food, seed, and other uses, with feed consumption being the largest and showing rigid growth [4] - China's corn industry chain includes planting, processing, circulation, and consumption. Feed and starch processing are at the core of the industry chain [13] - Global corn supply is concentrated in a few countries. The US and China are the top two producers, accounting for 32% and 23% respectively. The top four exporters are the US, Brazil, Argentina, and Ukraine, with their combined exports accounting for nearly 70% of the global total in 2023/24 [16] - Global corn is concentrated in supply every six months. The growth cycles of China and the US in the Northern Hemisphere are similar, while Brazil in the Southern Hemisphere has two planting seasons [23] - The US and China are the largest corn consumers, with a combined consumption of over half of the global total in 2023/24. China's average annual growth rate of corn demand in the past decade was 4.3%, higher than the US's 0.6% [29] - Feed consumption is the largest use of corn, with a global consumption of 780 million tons in 2024, accounting for 63% of the total. The US is the largest in industrial consumption [34] - In China, corn planting is concentrated in the Northeast, North, and Southwest regions, with different planting patterns and acreage proportions in different areas [35][37] - China's corn production has been growing steadily. The planting area increased from 620 million mu to 670 million mu from 2020 - 2024, and the output increased from 261 million tons to 295 million tons. The import volume first increased and then decreased, with the import dependence dropping to 1.6% in 2024 [42] 3.2 Supply Decrease and Demand Increase - **Domestic Old - crop Corn**: The supply pressure has been reduced. The output increased slightly by 2.1% to 295 million tons in 2024/25. The import decreased by 49% to 1.377 million tons. The inventory is expected to drop by 87% to 230,000 tons, and the stock - to - use ratio decreased by 5 pct to 0.8% [49] - **Global Old - crop Corn**: The stock - to - use ratio decreased year - on - year. The estimated output (excluding China) in 2024/25 was adjusted up by 930,000 tons to 920 million tons, a 2.2% decrease. The ending inventory decreased by 16.1% to 86.47 million tons, and the stock - to - use ratio dropped by 0.2 pct to 9.3%. The US corn export volume was adjusted up by 3 million tons to 65 million tons [55] - **Domestic New - crop Corn**: The supply growth has slowed down. The planting enthusiasm may be affected due to weak prices and reduced profits in 2024. The import volume is expected to decrease, with the predicted import volume in 2024/2025 being adjusted down by 2 million tons to 7 million tons [58][61] - **Demand**: Feed demand is expected to be supported by the increase in the number of sows and good pig - raising profits. Deep - processing demand is currently mainly for rigid needs, and domestic demand expansion policies are expected to boost it [66]

新华社北京4月23日电 题：凝心聚力打好农业开局仗 新华社记者胡璐、刘阳 谷雨时节种谷天，当前春耕生产已进入大忙时节。关键农时不容丝毫懈怠，各地务必把"持续增强 粮食等重要农产品供给保障能力"挺在前面，严格落实粮食安全党政同责，在精细上下功夫，环环紧扣 抓好春管春耕，千方百计实现农业生产良好开局。 粮食安全是"国之大者"，在当前国际环境变乱交织的背景下，怎么强调都不为过。粮食生产爬坡 难、滑坡易，上来慢、下去快。越是粮食产量历史性迈上新台阶，越要居安思危，不可麻痹松懈。春播 是全年粮食生产的大头，夏粮是全年粮食生产的第一季，抓好春季农业生产，对实现全年粮食目标任务 至关重要。 民非谷不食，谷非地不生。要实现农业生产良好开局，必须抓住耕地这个命根子，着力稳住春播粮 食种植面积，高质量推进高标准农田建设，提高建设标准和质量。与此同时，还应进一步健全粮食生产 支持政策体系，综合施策推动粮食等重要农产品价格保持在合理水平，维护好农民利益，调动农民种粮 积极性。 实现农业生产良好开局的要点，还在于因地制宜发展农业新质生产力。加快发展农业新质生产力是 我国从农业大国迈向农业强国的必由之路。要围绕粮食生产关键领域和薄弱环节 ...

小麦赤霉病是典型的气候性病害，其流行性、爆发性特征对粮食生产安全构成一定威胁。在技术培 训环节，植保专家对今年小麦赤霉病的发生趋势和防控技术进行了详细分析和讲解，强调要严格把 准"适"期、选"优"药剂、推行"统"防、及时收获。农户们对小麦赤霉病防控的重要性、紧迫感有了更深 的认识。"要主动出击、见花打药，扬花一块打一块，保证'高效药剂一次不动摇'；若扬花期遇到降 雨，雨前用药效果要好于雨后用药。如遇连阴雨、长时间结露等适宜病害流行天气，或扬花期持续时间 较长的田块，需进行第二次防治，一般在第一次药后5-7天再次施药。"经开区姚桥镇欣瑞家庭农场负责 人张国平说，参加此次观摩活动收获良多。 眼下，小麦陆续进入抽穗扬花期，是防治小麦赤霉病的关键时期。为进一步提高小麦赤霉病防控水 平、加大防控宣传力度、强化专业化统防统治措施、强力推进全区小麦赤霉病防控工作，近日，镇江经 开区开展小麦赤霉病统防统治现场观摩活动。 在示范区麦田里，数架植保无人机开展了喷洒作业，飞手们相互配合，不时变换速度和方向，展示 了药剂配制、精准飞行、均匀喷洒技术，100余亩的麦田很快就完成了施药作业，展现了现代先进机械 强大的防治效率。"要使用自 ...

Core Insights - The agricultural sector is experiencing a positive start to the spring planting season, with an increase in grain production area compared to the previous year [1][3] Group 1: Grain Planting and Production - The national grain planting area is expected to be around 1.79 billion acres, with spring grain area at 960 million acres, both showing an increase from last year [3] - In Jilin, an additional 2 million acres of protective tillage will be introduced, enhancing planting efficiency [3] - The proportion of high-quality winter wheat seedlings in the northern regions has reached 91.2%, which is 2 percentage points higher than the average for the same period [5] Group 2: Agricultural Technology and Practices - Guizhou is promoting drought-resistant wheat cultivation techniques across nearly 1.6 million acres, with an expected yield increase of about 10% due to favorable weather conditions [7] - Sichuan is implementing the "Spark" action for the transformation of agricultural technology, utilizing remote sensing and AI algorithms to optimize wheat management [9] - Shandong is focusing on improving crop yields through water and fertilizer integration techniques, with over 3 million acres targeted for this initiative [11] Group 3: Seed Quality and Regulation - As spring planting progresses, there is a peak in seed demand, necessitating vigilance against counterfeit and inferior seeds [12][14] - The Ministry of Agriculture has deployed seven supervisory teams to key areas for seed market regulation, aiming to reduce the incidence of seed-related fraud [14][18] - Farmers are advised to purchase seeds from reputable sources and to be cautious of extremely low-priced seeds or those lacking proper labeling [16][20]

Core Viewpoint - The agricultural sector in China is experiencing a positive start in 2025, with a focus on achieving a grain production target of approximately 1.4 trillion jin, supported by favorable weather conditions and government policies [2][4][8]. Grain Production and Market Conditions - The area planted with winter wheat remains stable, with 91.2% of crops in good condition, and the area for winter rapeseed has increased, showing better growth compared to previous years [2][4]. - Spring planting progress is ahead of last year, with nearly 20% of spring grain sowing completed as of mid-April, including over 70% of early rice and over 60% of medium rice planted [5][6]. - The domestic grain market has seen positive changes, with prices stabilizing and recovering, particularly for rice and wheat, while corn and soybean prices have increased [3][7]. Government Support and Policies - The central government is increasing support for grain production by raising minimum purchase prices for wheat and early indica rice, stabilizing subsidies for corn and soybeans, and implementing comprehensive cost and income insurance for key crops [6][9]. - These measures aim to ensure farmers have guaranteed income, thereby stabilizing and expanding grain planting areas [6][9]. Market Dynamics and Future Outlook - The recovery in grain prices is attributed to effective government regulation, improved demand, and better market expectations, with a notable increase in grain purchasing speed [7][8]. - Future market trends suggest a secure supply due to last year's production achievements, enhanced regulatory capacity, and a steady increase in demand driven by changing consumer preferences [8][9].