SunSirs: China Corn Prices were Weak Last Week (September 18-22)
September 26 2023 14:59:52 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the domestic corn price was weak last week. The average price of yellow corn in the third class at the beginning of the week was 2,825.71 RMB/ton, and the average price over the weekend was 2,815.71 RMB/ton, a decrease of 0.35% during the week.
As North China corn continues to be listed, the reluctance of grain trading entities to sell has relaxed, and the domestic corn market supply has slightly rebounded. Downstream deep processing enterprises have increased their wait-and-see attitude, and the overall pressure on the domestic corn market prices is weak.
Last week, domestic egg prices rose slightly and fell slightly, with a decrease of 2.55% during the week. Pig prices were relatively weak, with a decrease of 1.27% during the week. The breeding industry market slightly declined, and the profit margin for breeding continued to decline. The enthusiasm of farmers to supplement their livestock has decreased. In addition, the substitution of malt wheat for corn feed demand has limited overall recovery space for domestic corn feed demand in the future.
SunSirs corn product analyst at SunSirs, believes that early corn is gradually entering the market, and Northeast corn is about to enter the market. The expectation of a high yield of new season corn is relatively sufficient, and downstream trading entities have a strong wait-and-see attitude. In the short term, the domestic corn market prices will continue to be under pressure and operate weakly.
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