China Corn Market Faces Pressure from New Grain Supply

China's corn market is facing pressure from new grain coming to market, according to Mysteel's grain market daily report. The company reported that new-crop corn prices in Northeast China performed modestly yesterday, while old-crop prices remained stable.

The deep-processing enterprises in the Northeast have been continuously lowering their new-grain purchase prices, making Northeast grain less competitive than North China grain in terms of outbound sales prices.

In October, the volume of new grain coming to market in the Northeast is expected to increase, which may lead to a lackluster price performance in the short term due to seasonal supply pressure.