SunSirs: China Domestic Corn Prices comprehensively Declined after the National Day Holiday

According to the Commodity Market Analysis System of SunSirs, after the National Day holiday, domestic corn prices have fully declined. On October 6th, the average price of third class yellow corn was 2,788.57 RMB/ton, while on October 13th, the average price was 2,714.29 RMB/ton, a decrease of 2.66% overall.

In October, corn from Northeast China has been listed one after another. After the National Day holiday, the number of corn listed in the production area has gradually increased, and the domestic corn market as a whole is seamlessly connected with new and old markets. Downstream trading entities have a strong wait-and-see attitude, and manufacturers continue to lower corn purchase prices. The overall domestic corn market has entered a stage of strong supply and weak demand, and the overall price of corn market has come under pressure.

After the holiday, the overall price of domestic live pigs fluctuated weakly, while egg prices continued to decline. As of October 13th, the price of domestic live pigs fell by 3.47%, while egg prices fell significantly by 10.74% during the month. The breeding industry market has once again declined, and the pig grain ratio has remained stable and weak overall. The pig breeding industry is still in a small loss situation, and the enthusiasm of farmers to supplement their livestock has decreased. There is insufficient momentum for the rebound in demand for corn feed in the future.

SunSirs corn product analyst believes that imported corn continues to arrive in Hong Kong, new season corn is gradually listed, and new and old corn are seamlessly connected. Downstream trading entities have a strong wait-and-see attitude, and the breeding industry market continues to weaken. In the short term, the problem of strong supply and weak demand in the domestic corn market is difficult to alleviate, and many bearish conditions are suppressed. It is expected that there is still some room for price reduction in the domestic corn market.

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