SunSirs: China Corn Prices Continued to be Weak Last Week
December 19 2023 14:04:03 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, domestic corn prices continued to decline weakly last week. The average price of yellow corn on the third day of the week was 2,577.14 RMB/ton, and the average price on the weekend was 2,550.00 RMB/ton, a decrease of 1.05%.
In mid December, the market volume of corn in the production area continued to increase, and the continued weakness of corn prices led to an increase in the intention of grain trading entities to sell out. In addition, the new season of corn production has once again increased, and the domestic corn market supply has become more relaxed. Ports and deep processing corn inventories are relatively sufficient. Downstream trading entities have a strong wait-and-see attitude, and feed demand continues to be weak. Under the pressure of strong market supply and weak demand, the domestic corn market prices continue to operate weakly.
Last week, domestic egg prices fell again, falling 2.92% within the week, while pig prices rebounded slightly, rising 2.70% within the week. Overall, the breeding industry is still at a low level, and the industry is still in a loss making situation. The enthusiasm of farmers to replenish their pens continues to be sluggish, and the overall space for the recovery of corn feed demand in the future is limited.
SunSirs corn product analyst 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 domestic corn market prices will continue to operate under pressure.
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