SunSirs: China Corn Prices Fluctuated and Moved forward Last Week (March 18-22)
March 26 2024 14:50:46 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, domestic corn prices fluctuated slightly last week, with an average price of 2,351.43 RMB/ton for third class yellow corn at the beginning of the week and 2,347.14 RMB/ton over the weekend, a slight decrease of 0.18% during the week.
As the temperature in the production area gradually rises, farmers are gradually entering a state of preparation for cultivation. The intention of grain storage entities to cash out has increased, and the market volume of corn in the production area continues to increase. In addition, imported corn continues to arrive at ports, and the domestic corn market supply continues to be loose. After downstream deep processing enterprises have effectively replenished their corn inventory, they have slightly lowered the corn purchase price. The overall domestic corn market price is under pressure and fluctuates weakly.
Last week, domestic egg prices fell again, falling by 2.61% within the week. Pig prices rebounded slightly, rising by 1.79% within the week. This week, the overall domestic pig to grain ratio was around 6.2:1. Although the pig breeding industry has improved recently, overall, the current domestic breeding industry situation is still at a low level. In addition, a large amount of corn and its substitutes continue to arrive in Hong Kong, and the demand for corn feed in the short term will continue to be weak.
Li Wenxu, a corn product analyst at SunSirs, believes that in the short term, the domestic corn market supply will continue to be loose, downstream deep processing procurement will be more cautious, and feed demand will continue to be sluggish. Under strong market supply and weak demand pressure, the domestic corn market prices will lack the momentum to recover in the short term, and the overall situation will continue to be under pressure with slight fluctuations.
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