Sunsirs: Price of Corn in the Chinese Market Continues to be Weak (7.19-7.23)
July 26 2021 08:34:28 SunSirs (Linda)
1. Domestic corn price trend
Last week, domestic corn prices continued to be weak. The average price of yellow corn at the beginning of the week was 2760.00 yuan / ton, and the average price at the weekend was 2724.29 yuan / ton, down 1.29% during the week.
2. Market analysis
In late July, the auction of imported corn from the State Reserve continued to cool, a large number of grain substitutes came to Hong Kong to supplement the market supply, the wait-and-see attitude of the main body of corn downstream trade continued to increase, coupled with the continuous low price of domestic pigs, the demand for corn feed continued to fall, and the overall pressure on the domestic corn market was weak. The continuous decline of corn price induced the main body of grain storage trade to cash out of the warehouse. After the corn inventory of deep-processing enterprises was supplemented, the purchase price of corn was comprehensively reduced, driving the overall decline of corn market price.
Last week, the domestic pig price fluctuated, rebounded slightly by 0.32% during the week, the egg price continued to rise, increased by 2.82% during the week, the pig price was still relatively low, the pig breeding industry was still in a loss situation, the farmers' enthusiasm for column filling continued to fall, and the future corn feed demand will fall back.
3. Future forecast
Under the pressure of many bad news in the short term, there is still some room for decline in the domestic corn market price.
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