Core view
According to the data of sample enterprises, from January to February 2022, the total output of industrial feed in China was 43.84 million tons, a year-on-year increase of 3.5%.
The year-on-year increase of pig feed narrowed, and the number of fertile sows continued to decline. In terms of pig feed, from January to February, the national pig feed output was 21.26 million tons, a year-on-year increase of 2.9%. The pig cycle is still in the stage of capacity elimination. In February, the number of fertile sows in China decreased by 0.5% month on month.
Egg birds fell slightly year-on-year, while meat birds recorded an increase. From January to February, the output of egg and poultry feed in China was 2.93 million tons, a year-on-year decrease of 0.9%; The output of meat and poultry feed was 6.53 million tons, a year-on-year increase of 4.2%..
Aquatic feed increased year-on-year, while ruminant feed increased slightly. From January to February, the national output of aquatic materials was 1.67 million tons, a year-on-year increase of 31.3%; The output of ruminant feed was 2.51 million tons, a year-on-year increase of 3.7%.
Feed prices continued to rise. In the first two months of this year, the price of corn was at an all-time high, and the price of soybean meal and other main raw materials was higher than that of the same period last year, driving the ex factory price of compound feed and concentrated feed products to continue to increase year-on-year. Affected by the rising price, from January to February 2022, the consumption of corn in compound feed produced by feed enterprises accounted for 35.3%, a year-on-year decrease of 0.9 percentage points; The consumption of soybean meal in compound feed and concentrated feed accounted for 14.7%, an increase of 0.5 percentage points year-on-year.
Risk tips
Shenzhen Agricultural Products Group Co.Ltd(000061) price fluctuation risk, epidemic risk, policy risk, industry competition and product risk
