SunSirs: China Domestic Wheat Prices Fluctuated and Declined in March
April 03 2024 10:40:16 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the overall price of domestic wheat market fluctuated and declined in March 2024. On March 1st, the average price was 2,800.00 RMB/ton, and on March 29th, the average price was 2,720.00 RMB/ton, a decrease of 2.86% within the month.
In March, as temperatures gradually rise, the difficulty of storing wheat has increased, and the intention of grain trading entities to sell out has increased. At the same time, the traditional off-season of demand for terminal flour has arrived, and the operating rate of manufacturers has decreased. After effectively replenishing the wheat inventory of manufacturers, the purchase price of wheat has been continuously lowered. In addition, policy wheat continues to be sold out, and imported wheat continues to arrive in Hong Kong. The domestic wheat market is gradually entering a loose supply situation. Under the pressure of many negative factors, the overall price of domestic wheat market is under pressure and has fallen.
In March, the overall price of domestic corn market fluctuated and declined, and the substitution effect of wheat for feed will continue to weaken. The continued weakness of corn prices will form a certain pressure on the wheat market price.
SunSirs wheat analysts believe that the bearish situation in the domestic wheat market is difficult to alleviate in the short term, and it is expected that the domestic wheat market prices will continue to operate under pressure in April.
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