According to data from SunSirs, domestic corn prices continued their downward trend last week. The average price of Grade 3 yellow corn was 2,315.71 RMB/ton at the beginning of the week and 2,305.71 RMB/ton at the weekend, marking a slight weekly decline of 0.43%.

As June began, the new wheat crop was poised to enter the market; some traders shifted their focus to new wheat and cleared out existing storage, leading to a slight increase in corn supplies in certain regions. Coupled with the pressure from the release of state-reserve rice, downstream enterprises—having effectively replenished their corn inventories—continued to lower their corn procurement prices, further weighing on the domestic corn market.

Domestic live hog prices remained low last week, edging down by 0.31%. The hog farming industry remains mired in deep losses; future policy-driven capacity reduction is expected to further dampen the demand for corn as animal feed.

SunSirs corn analysts believe that the market is characterized by strong supply and weak demand, with downstream buyers adopting a cautious "wait-and-see" approach. With state-reserve grain entering the market and substitute grains continuing to arrive at ports, these bearish factors suggest that domestic corn prices will remain under pressure in the short term, trending weakly while maintaining relative stability.

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