SunSirs: China Corn Prices were slightly Stronger Last Week (August 7-11)

According to the Commodity Market Analysis System of SunSirs, the domestic corn price was relatively strong last week. The average price of yellow corn in the third class at the beginning of the week was 2,771.43 RMB/ton, and the average price over the weekend was 2,794.29 RMB/ton, with a weekly increase of 0.82%.

Due to the recent typhoon causing heavy rainfall in the northern region, the expected high yield of corn in China has declined. In addition, it will still take some time for the new season corn to go public. The domestic corn market has gradually reduced high-quality and tradable grain sources, and the price of Linchi wheat continues to rise. The first round of targeted rice auctions has received a significant premium, and the mentality of grain trading entities to be reluctant to sell and stand up for prices is becoming stronger. Supported by many positive factors, the arrival volume of corn by ports and downstream deep processing enterprises continues to decline, Enterprises have raised prices to replenish inventory, driving a comprehensive rebound in domestic corn market prices last week.

Last week, domestic egg prices continued to rise, rising 5.43% within the week. The rise in pig prices slowed down, rising 0.71% within the week. The breeding industry has improved, and the overall pig breeding industry has gradually turned from losses to profits. The enthusiasm of farmers to supplement their livestock has rebounded, but due to the slow release of malted wheat and targeted rice for feeding, the overall recovery space for corn feed demand in the future is limited.

Corn product analysts from SunSirs believe that, supported by many positive factors, it is expected that the domestic corn market prices will continue to operate steadily in the short term.

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