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SunSirs: Chinese Corn Prices Fluctuated Forward Last Week (8.17-8.21)

August 24 2020 08:56:08     SunSirs (Linda)

1. Domestic corn price trends

According to SunSirs monitoring, domestic corn prices fluctuated slightly last week. The average price of third-grade yellow corn at the beginning of the week was 2275.71 yuan/ton, and the average price on weekends was 2271.43 yuan/ton, a slight decrease of 0.19%.

2. Market Analysis

Entering August, with the support of downstream demand, the State Reserve Auctions still maintained a hot state of all transactions. As the State Reserve Corn continues to supply the market, the wait-and-see attitude of trading entities has increased. In addition, the State Reserve’s auction rules continue to be revised. The high premium has eased. The average auction transaction price of the State Reserve has declined slightly for two consecutive weeks, and deep processing companies have subsequently lowered the purchase price, driving the domestic corn market price to rise and fall slightly. The average auction transaction price of the State Reserve this week remained stable at 1959 yuan/ton, which was the same as the average auction price last week. With the support of the State Reserve’s auction policy, the domestic corn market price fluctuated at a high level as a whole.

Last week, domestic live pig prices were slightly weaker and adjusted, and fell by 0.27% during the week. Domestic egg prices rebounded again, rising by 0.88% during the week. Although the livestock market fluctuates slightly, overall, the profit of live pig breeding is still at a relatively high level. The enthusiasm of households to fill the market remains undiminished, and the market outlook for corn feed demand will gradually rise, which will further support the domestic corn market price.

On August 20, 2020, the National Grain and Material Reserve Bureau Grain Trade Coordination Center and the networked provinces (autonomous regions, municipalities) National Grain Trade Center organized the National Temporary Storage Corn Bidding Fair, and planned to be listed on the National Reserve 2014, 2015 National Reserve Heilongjiang , Jilin, Liaoning, and Inner Mongolia, three provinces and one district, 3,999,583 tons of corn, 3,999,583 tons of transactions, 100.00% of the transaction, the highest price of 2200 yuan / ton, the lowest price of 1760 yuan / ton, the average transaction price of 1959 yuan / ton.

3. Outlook

SunSirs corn product analysts believe that it will take time for the new season corn to go on the market, the downstream market is just in demand, and the policy corn is coming out of the warehouse one after another. State Reserve auction transactions are still hot. Under the support of short-term demand, the domestic corn market price will continue to follow the policy price High volatility moves forward.

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