SunSirs: China Domestic Wheat Prices have Rebounded comprehensively after the Spring Festival
February 28 2024 10:01:08 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the domestic wheat market prices have stopped falling and rebounded after the Spring Festival. On February 17th, the average price was 2,728.00 RMB/ton, and on February 23rd, the average price was 2,822.00 RMB/ton, an increase of 3.45% within 7 days.
After the Spring Festival, the domestic wheat market trade has not fully recovered, and farmers have a low willingness to sell grain. In addition, with the arrival of a cold wave after the year, sudden snowfall in many places, and widespread cooling factors, the overall supply of the domestic wheat market is tight. In order to ensure production, manufacturers continue to raise prices and replenish inventory. At the same time, flour enterprises actively participate in bidding to restrict wheat auction sales. Supported by demand, the domestic wheat market prices have rebounded comprehensively.
SunSirs wheat analysts believe that there is still some room for price recovery in the domestic wheat market, supported by short-term demand.
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