SunSirs: China Domestic Corn Prices Continued to be Weak in April

According to the Commodity Market Analysis System of SunSirs, the domestic corn price continued to be weak in April 2024. On April 1st, the average price of third class yellow corn was 2,330.00 RMB/ton, while on April 30th, the average price was 2,298.37 RMB/ton, a decrease of 1.35% within the month.

In April, farmers in the Northeast production area are busy with soil moisture, resulting in a decrease in corn market volume. The overall price of corn in the Northeast production area is weak and tends to stabilize.

In April, the domestic temperature gradually rebounded, and the difficulty of storing corn increased. In addition, a large amount of imported corn came to the port to supplement the domestic market demand, and the intention of grain trading entities in the North China production area to sell out continued to increase. The domestic corn market supply continued to be loose, while the domestic breeding industry continued to operate at a low level. Deep processing enterprises had relatively sufficient corn inventory, and the domestic corn market maintained a strong supply and weak demand situation. The corn market prices continued to be under pressure and weak.

In April, domestic egg prices continued to fluctuate at a low level, falling by 1.29% within the month. Pig prices fluctuated weakly, falling by 1.79% within the month. The breeding industry continued to operate at a low level, and the enthusiasm of farmers to replenish their pens will continue to remain sluggish. There is limited room for a rebound in demand for corn feed in the future.

SunSurs corn product analyst believes that overall, the domestic corn market supply is still relatively loose. In the short term, the overall domestic corn market price will continue to be under pressure, with a moderate to weak trend. As the domestic grassroots corn grain source gradually decreases in the future, the domestic corn market price is expected to stop falling and stabilize in mid to late May.

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