Paddy Consumption and Balance Sheet in February

By CnAgri2013-03-22 11:05:08 Print China’s rice production by medium and large mills (each capable of annual sales of over RMB20 million, same below) registered 8.175 million MT in February, 0.3% less than the month before but 10% more than the same period of last year. Rice production totaled 16.376 million MT in January ~ February, an increase of 19.65% on the year-on-year basis, a result of large rice mills’ capacity expansion.
 
The promulgated figures showed a rice production increase of 10.2% in February and 18.6% in January ~ February, both on the year-on-year basis.
 
At a rice/paddy ratio of 68%, medium and large mills consumed 12.022 million MT paddy in February and 124.082 million MT in January ~ February.
 
Rice production and paddy consumption by mills of various scales were estimated to be 8.83 million MT and 12.986 million MT respectively in February.
 
Small mills ran at 14.6% of their capacity and medium and large mills 58.4% in February.
 
Paddy procurement was about 53.12 million MT in February, of which 30.46 million MT were procured by state-run companies. Farmers sold 73.13% of their paddy by February.
 
Paddy consumption for various uses was 14.961 million MT in February. Paddy inventory was 150 million MT at the end of February, parallel the same period of last year. Paddy consumption index was 10.1 in February, below the same period of last year.
 
Paddy inventory consisted of 62.7 million MT state reserve, 13 million MT rice mills’ stock, 15 million MT traders’ stock and 59.96 million MT on-farm stock, accounting for 41.7%, 9%, 10% and 40% of the total respectively.
 
In the 2012/2013 crop year, paddy production, imports and consumption are predicted to be 203 million MT, 3.3 million MT (rice imports converted into paddy imports) and 201 million MT respectively. Rice imports from July of 2012 to February of 2013 equaled to 2.43 million MT paddy. Year-end paddy inventory is predicted to be 92.977 million MT.
 
Rice price averaged RMB2,710/MT in February and RMB2,737/MT between July of 2012 and February of 2013, up 1.62% and 5.97% respectively on the year-on-year basis. Rice price is predicted to be RMB2,799/MT in 2012/2013 on average, up 5 ~ 7.5% respectively on the year-on-year basis.



From “China Grains Market Weekly Report”