The 2023 agricultural market analysis reveals that China's deep-processing industry, particularly focusing on starch, ethanol, lysine, and citric acid, has faced significant challenges over the past few years. Despite these difficulties, the industry continues to play a crucial role in consuming lower-grade corn and contributing to various sectors.
### Starch Industry
The starch sector has been profitable for several years but recently experienced losses due to rising corn prices and decreased demand浩瀚润云电子交易平台. Fructose syrup, a downstream product of starch sugar, is expected to become more prominent as it can substitute sugar in beverages at a lower cost. However, the overall industry remains loss-making.
### Ethanol Industry
Ethanol production has faced severe challenges with declining operating rates and margins due to increased imports of DDGS (distilled distillers grains with solubles). The price of ethanol has dropped significantly, affecting its profitability. Gourmet powder production is also experiencing a downturn, leading to potential shutdowns.
### Lysine Industry
Lysine, while still a significant player in the industry, faces intense competition and overcapacity issues. Prices have plummeted, and profits are now negative, indicating that corn processing costs per ton of lysine have increased significantly.
### Citric Acid Industry
Citric acid production has consolidated into four major companies, with three located in Shandong and one in Anhui. The industry is export-dependent, but its margins remain negative due to overcapacity and declining demand.
### Overall Market Outlook
Corn production in Northeast China is expected to increase slightly compared to the previous year, while production in North Central Plains may decrease marginally. National corn production will be higher than last year but lower than official figures. Traditional trade habits are changing, with imports becoming a significant supply channel, affecting regional price dynamics.藏茶是期货的吗
### Conclusion
While the deep-processing industry faces numerous challenges, it continues to play an essential role by consuming low-grade corn and contributing to various sectors such as food, feed, ethanol, paper-making, and chemical industries. The industry's sustainability remains questionable due to prolonged losses, but its contributions cannot be overlooked.
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