SunSirs: China Domestic Wheat Prices Fluctuated weakly in November
December 05 2023 14:55:15 SunSirs (Selena)
According to the commodity market analysis system of Shengyishe, the overall price of domestic wheat market fluctuated weakly in November. On November 1st, the average price was 3,000.00 RMB/ton, and on November 30th, the average price was 2,968.00 RMB/ton, a decrease of 1.07% within the month.
Entering November, trading entities are turning their attention to the new season corn trade. In addition, the rainy and snowy weather in many areas at the beginning of the month has led to a decrease in the domestic wheat market volume, and the mentality of grain storage trading entities to be reluctant to sell and raise prices is becoming stronger. The overall price of domestic wheat market is weak and stable.
As the impact of rain and snow gradually subsides, the domestic wheat market supply continues to rebound, and the demand for terminal flour is lower than expected. After completing the acquisition task, flour enterprises continue to lower the wheat purchase price, and the overall wheat market price is under pressure and operating weakly.
The wheat analyst from SunSirs believes that currently, the high-quality and circulating grain sources in the domestic wheat market are gradually decreasing, and the mentality of grain storage and trade entities is reluctant to sell and maintain prices is not reduced. The demand for terminal flour is lower than expected, and the wheat inventory of flour enterprises is relatively sufficient. The reserve wheat continues to be released, and there is a long short game. In the short term, the wheat market price will be under pressure, stable, and weak. It is expected that the overall domestic wheat market price will be around 2,960.00 RMB/ton, with a slight consolidation operation in November.
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