SunSirs: China Corn Prices Fluctuated and Moved forward Last week (January 1-5)
January 09 2024 14:51:50 SunSirs (Selena)
According to the commodity market analysis system of SunSirs, the domestic corn price was weak and stabilized last week, but then fluctuated slightly. At the beginning of the week, the average price of third class yellow corn was 2,488.57 RMB/ton, and the average price over the weekend was 2,488.57 RMB/ton, which remained stable overall.
After New Year's Day, due to the continuous decline in domestic corn prices, the willingness of farmers in production areas to sell grain has decreased, and the arrival volume of corn from ports and deep processing enterprises has slightly decreased. In some regions, companies have raised prices to replenish inventory, which has led to a slight rebound in the domestic corn market price. As the arrival volume of corn gradually recovers, manufacturers have once again lowered the corn purchase price. This week, the domestic corn market price first rose and then fell, and the overall price fluctuated forward.
Last week, domestic egg prices slightly rebounded, rising by 0.70% within the week, while pig prices operated weakly, falling by 0.83% within the week. Overall, the breeding industry is still operating at the bottom, with continuous losses and poor enthusiasm from farmers to replenish their pens. There is limited room for a rebound in demand for corn feed in the future.
The corn product analyst from SunSirs believes that, overall, the loose supply situation in the domestic corn market is difficult to alleviate in the short term. Existing trading entities are reluctant to sell, downstream demand is weak, and the market is in a long short game. In the short term, the overall price of the domestic corn market is in a dilemma of rising and falling, and the overall situation will be slightly consolidating at the current level.
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