Price trend

According to the monitoring of SunSirs, the domestic corn price continued to decline in March, with the average price of third-class yellow corn at 2,808.57 RMB/ton on March 1 and 2,760.00 RMB/ton on March 31, a decrease of 1.73% during the month.

Analysis review

In March, as the spring sowing season approaching, the willingness of farmers in Northeast China to sell grain continued to increase, and the domestic corn market supply gradually loosened. Port and deep processing enterprises continued to reduce the purchase price of corn after certain replenishment of their corn inventory, driving the domestic corn market price to continue to be weaker.

The arrival volume of corn in the production area continued to increase, coupled with a large amount of imported corn arriving at the port, and the company's corn inventory was relatively sufficient, the overall supply of domestic corn market was more relaxed. At the same time, the domestic wheat price fell across the board, and the role of wheat as a feed substitute gradually increased. The sharp fall in wheat prices had formed a certain pressure on the domestic corn price. Under the pressure of many bad news, the overall domestic corn market price in March was downward under pressure.

In March, the domestic egg price fell slightly after rising, with an overall increase of 5.06% during the month. The price of live pigs continued to decline in a weak trend, with a significant decline of 8.05% during the month. Although the price of corn declined slightly, overall, the domestic pig to grain ratio continued to be below 6:1, and at the end of March, the overall domestic pig to grain ratio fell to around 5.3:1. The pig breeding industry was still in a loss situation, and the enthusiasm of farmers to supplement the stock continued to decline. The domestic pig stock in the future may decline to a certain extent, which will suppress the demand for corn feeding in the future.

Market outlook

The corn product analyst from SunSirs believes that in the short term, the domestic corn market will continue to be loose in supply, coupled with wheat prices decline overall, and the role of wheat feed substitution gradually increased. Under the pressure of many bad news, it is expected that there will still be some room for the domestic corn market price to fall in April.

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