Chinese Corn Prices Rebound Amid International Market Support

According to SunSirs data, China's domestic corn prices halted their decline last week and rebounded slightly. The average price of Grade 3 yellow corn was 2,244.29 RMB/ton at the start of the week and 2,244.17 RMB/ton at the end, marking a minor increase of 0.13%.

The upward momentum in international markets drove a surge in domestic corn futures prices last week. This in turn pushed up corn procurement prices at domestic ports, helping stabilize and slightly recover domestic market prices.

However, despite an overall improvement in the livestock sector's outlook, demand for feed corn remains low due to losses in the hog farming industry. SunSirs analysts believe that new-season early corn hitting the market, high domestic inventories, weak downstream feed demand, cautious deep-processing procurement, and plentiful substitute grain supplies will limit price support and keep prices fluctuating at low levels.