SunSirs: China Corn Prices Continued to be Weak Last Week
December 12 2023 15:42:48 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, domestic corn prices continued to decline last week. At the beginning of the week, the average price of third class yellow corn was 2,604.29 RMB/ton, and the average price over the weekend was 2,577.14 RMB/ton, a decrease of 1.01%.
In December, the market volume of corn in the Northeast production area continued to increase, and downstream trading entities had a strong wait-and-see attitude. The arrival volume of corn from deep processing enterprises did not decrease, and after the company's inventory was replenished, they continued to purchase at a lower price. The demand for the breeding industry remained sluggish, coupled with the continued arrival of low-priced imported corn and its substitutes in the port, highlighting the temporary pressure of strong supply and weak demand in the domestic corn market, and the price of corn continued to decline weakly under pressure.
Last week, domestic eggs fluctuated weakly, falling 0.62% during the week. Pig prices continued to be weak, falling 2.31% during the week. The breeding industry continued to decline, resulting in continuous losses and a significant decrease in the enthusiasm of farmers to replenish their pens. In the future, demand for corn feed will decrease.
The corn product analyst from SunSirs believes that in the short term, it is difficult to alleviate the pressure of strong supply and weak demand in the domestic corn market, and the price of corn will continue to be under pressure, with a stable to weak operation.
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