Seed China Monthly Report(Seed China Monthly Report 202411)

In terms of market analysis, Gansu successfully managed seed supply for the 2024 autumn planting, achieving a 3.24% YoY increase in winter wheat and rapeseed sown areas, providing over 43 million kg of seeds to meet demand, with prices remaining stable or slightly decreasing; Heilongjiang announced its recommendation of ten leading varieties and ten key technologies to China's Ministry of Agriculture and Rural Affairs, featuring nine crop varieties and nine agricultural technologies; the Agriculture and Rural Affairs Commission of Chongqing Municipality announced the recommended agricultural technologies for 2025, highlighting 32 key crop-related technologies for promotion.

Regarding company and supply, Longping High-Tech and Fengle Seed reported net losses for Q3 2024, with net profits down by 40.49% and 107.51% YoY, respectively; Yasheng Group's controlling shareholder proposed to increase stake by up to USD35.14 million over the next six months, despite a 31.15% YoY decline in Yasheng Group's Q3 profit, driven by lower prices for key agricultural products.

In trade, China's imports of grain rose by 8.02% YoY to135.19 million tonnes in Jan.–Oct. 2024, with 10.38 million tonnes of grain imported in Oct., down 25.38% MoM. In Oct. 2024, China's import volume of seeds of soybean, corn and vegetables jumped by 137.79% MoM to 434.06 tonnes, while the export volume increased by 19.52% MoM to 318.63 tonnes.

In terms of policy, the Ministry of Agriculture and Rural Affairs of the People's Republic of China issued the Guiding Opinions on Vigorously Developing Intelligent Agriculture and the National Action Plan for Intelligent Agriculture (2024–2028), aiming to advance modern agriculture and promote rural revitalisation.

As for variety, 49 new wheat varieties passed the preliminary review in Hebei Province, while 44 passed in Anhui Province.

The USD/CNY exchange rate used is USD1.00=CNY7.1135, sourced from the People's Bank of China on 1 Nov., 2024.