SunSirs: China Corn Prices Continued to be Weak Last week (January 22-26)
January 30 2024 15:13:32 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, domestic corn prices continued to be weak last week. At the beginning of the week, the average price of yellow corn in the third class was 2,381.43 RMB/ton, and the average price over the weekend was 2,322.86 RMB/ton, a decrease of 2.04%.
Entering late January and approaching the end of the year, there are rumors in the market that China National Grain Reserves Corporation (CSCF) will release 55 million tons of reserve grain into the market after the year. The main trading entities of grain reserves will concentrate on releasing and realizing before the holiday, and the domestic corn market supply will be more relaxed. After downstream deep processing enterprises replenish their corn inventory, they will continue to lower their corn purchase prices. Under the pressure of strong market supply and weak demand, the domestic corn market prices will continue to decline weakly.
Last week, domestic pig prices slightly increased, with a 2.80% increase within the week. The pig market continued to rebound, and the domestic pig to grain ratio rose to around 6.3:1. The overall transformation of the pig breeding industry from losses to profits will to some extent support the demand for corn feed.
SunSirs corn product analysts believe that in the short term, it is difficult to alleviate the pressure of strong supply and weak demand in the corn market, and corn prices will continue to operate weakly under pressure.
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