According to the latest data released by the National Grain and Material Reserves Administration, as of now, various grain management entities in China have cumulatively purchased over 300 million tons of autumn grain, which is a relatively high level in recent years. By variety, 103 million tons of mid late rice, 189 million tons of corn, and 12 million tons of soybeans were purchased. Heilongjiang, Henan, and Hunan provinces purchased 4.18 million tons of mid late rice at the lowest purchase price, a year-on-year decrease of 2.92 million tons. The autumn grain procurement is stable and orderly, and the overall circulation is smooth.

The article shows that the national corn purchase volume has reached 189 million tons, which is a relatively high level in recent years, indicating sufficient supply and downward pressure on spot prices. Based on corn futures data (such as contract 2609 closing price of 2,407 RMB/ton, up and down -26; contract 2611 closing price of 2,363 RMB/ton, up and down -22), multiple contract prices have fallen with high trading volume, reflecting the strengthening of bearish sentiment in the market, and futures prices are also facing negative impacts. Overall, the oversupply and downward trend in futures have led to general bearish sentiment.

The purchase volume of late rice in the article is 103 million tons, with sufficient supply, which puts pressure on spot prices; At the same time, the minimum purchase price for mid late rice in Heilongjiang and other provinces decreased by 2.92 million tons to 4.18 million tons year-on-year, indicating a weakening of policy support and possibly exacerbating market supply and demand easing. Overall, there is an increase in supply but no significant positive factors, with a slight bearish effect.

The article mentions a soybean purchase volume of 12 million tons, and the autumn grain purchase is generally stable and orderly, with smooth circulation and no obvious supply-demand imbalance signals. The supply is relatively stable, with a neutral impact on spot prices and no significant long short driving factors.

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