China's Domestic Corn Prices Decline Amid Weakened Demand
Domestic corn prices in China remained weak last week, with a slight weekly decline of 0.25%. According to data from SunSirs, the average price of Grade 3 yellow corn decreased from 2,261.43 RMB/ton at the start of the week to 2,255.71 RMB/ton by the weekend.
The market supply increased as traders holding stocks released their inventory, and downstream deep-processing enterprises slightly lowered their purchasing prices for corn. This drove the domestic market price down further, with domestic egg prices fluctuating downward by 1.22% and live hog prices remaining weak, dropping 1.84%.
SunSirs corn analysts believe that the reluctance of traders to sell has softened, while demand from downstream deep-processing enterprises remains weak and feed demand stays sluggish. With continued arrivals of substitute grains, the domestic corn market supply is expected to remain ample in the short term, with prices trending stable with a downward bias.
SunSirs has been continuously tracking price data for over 200 commodities for nearly 20 years and offers subscription services to clients through support@sunsirs.com.