SunSirs: This Week, the Wheat Prices Remained Stable at a High Level (October 16-20)
October 25 2023 10:43:46 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, the domestic wheat market prices remained stable and advanced this week. The average price at the beginning of the week was 3,030.00 RMB/ton, and the average price at the weekend was 3,030.00 RMB/ton, which was generally stable and moving forward.
Analysis review
In mid October, domestic corn entered the market comprehensively, and the trading entities turned their attention to corn trade. The overall trading volume in the wheat market turned weak. After the summer grain purchase ended, the high-quality and tradable grain sources in the domestic wheat market gradually decreased. In addition, the demand for terminal flour gradually rebounded after the weather turned cold. The domestic wheat market price had not been suppressed by the lower corn price in Linchi, and overall, it continued to remain high and stable.
Market outlook
SunSirs’ wheat analysts believe that the demand for terminal flour was relatively stable, policy wheat was gradually being launched, imported wheat continued to arrive at ports, and the overall supply and demand of the domestic wheat market was stable. In the short term, the wheat market price is facing a dilemma of rising and falling, and the overall market will continue to be at the current level, with a slight consolidation operation.
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