BEIJING, CHINA — China’s Ministry of Agriculture and Rural Affairs has lowered its estimates for 2021-22 corn consumption because of slowing animal feed and industrial demand, Reuters reported, citing the ministry’s monthly Chinese Agricultural Supply and Demand Estimates (CASDE) report.

China’s 2021-22 corn consumption was forecast at 287.7 million tonnes, down 1% from the 290.7 million tonnes estimated the previous month, the ministry said in the report.

The ministry said feed consumption of corn for the year will be 186 million tonnes, down from its December estimate of 187 million tonnes, as falling pig prices curbed restocking while increased grains imports slowed down demand for corn, according to the report. The country will import 20 million tonnes of corn for the year, a forecast unchanged from December’s report.

The ministry also lowered estimates for industrial consumption of corn in 2021-22 to 80 million tonnes, down 2 million tonnes from December. Processors cut operation rates on falling profits due to high corn prices, while inventories of end products at the plants built up amid weak demand, the report said.

The ministry’s estimates for 2021-22 soybean consumption remained unchanged from last month at 118.08 million tonnes. Soybean imports for the year were seen at 102 million tonnes, also unchanged.