SunSirs: China Corn Prices Weakened and Stabilized Last Week (November 6-10)
November 14 2023 14:21:44 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the domestic corn price rebounded slightly after stabilizing last week. At the beginning of the week, the average price of third class yellow corn was 2,638.57 RMB/ton, and the average price on the weekend was 2,641.43 RMB/ton, a slight increase of 0.11%.
In November, there was snowfall in many areas of Northeast China, which affected the transportation of corn from the production area. In addition, the continuous decline in corn prices led to trade entities being reluctant to sell and underpricing. As a result, the overall supply of domestic corn market was slightly tight. In order to stimulate arrival, downstream corn purchase prices were slightly increased, driving the weak and stable domestic corn market prices to slightly rebound.
Last week, domestic egg prices slightly declined, with a decrease of 1.44% during the week. Pig prices continued to be weak, with a decrease of 2.02% during the week. The breeding industry continued to decline, with the pig to grain ratio fluctuating around 5.5:1. The pig breeding industry continued to suffer losses, and farmers' enthusiasm for restocking was relatively low. The overall recovery space for corn feed demand in the future is limited.
According to corn product analysts from SunSirs, in the short term, under the influence of weather factors, the supply of domestic corn market has slightly decreased, supporting a slight rebound in domestic corn market prices. As the impact of weather factors gradually weakens, the supply of domestic corn market will gradually recover, and the domestic corn market prices will continue to rebound with insufficient momentum.
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