SunSirs: China Wheat Prices Fluctuated Downward Last Week (1.1-1.5)
January 10 2024 09:43:51 SunSirs (Selena)
According to the commodity market analysis system of SunSirs, the domestic wheat market prices fluctuated downward last week. The average price at the beginning of the week was 2,880.00 RMB/ton, and the average price over the weekend was 2,830.00 RMB/ton, a decrease of 1.74% during the week.
After New Year's Day, policy wheat auctions resumed, and the intention of grain trading entities to liquidate their exports increased. The domestic wheat market supply was relatively loose, and flour enterprises continued to purchase at lower prices after replenishing their inventory. The domestic wheat market prices fell under pressure, and after a significant decline in wheat prices, trading entities showed a stronger reluctance to sell and support prices, supporting a weak and stable trend in the domestic wheat market over the weekend.
The wheat analyst from SunSirs believes that the demand for terminal flour is still weak, and the domestic wheat market supply continues to be loose. In the short term, the pressure of strong supply and weak demand will not decrease. Supported by the reluctance of grain trading entities to sell, the overall price of the domestic wheat market is in a dilemma, and it will continue to operate at the current level of slight consolidation.
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