Weak Corn Prices Persist in China Amid Abundant Supply
China's domestic corn prices have been trending weakly due to bearish factors in the market. According to data from SunSirs, the average price of Grade 3 yellow corn decreased by 0.19% last week, from 2,242.86 RMB/tonne at the start of the week to 2,238.57 RMB/tonne by the weekend.
The new crop is set to enter the market, and there are ample corn inventories at ports and deep-processing plants, which has led downstream enterprises to remain cautious in their purchasing. Meanwhile, the hog farming sector continues to struggle, keeping demand for corn as animal feed weak.
Domestic egg prices retreated slightly last week, falling 0.48%, while hog prices fluctuated at low levels, rising 0.46%. The hog farming industry continues to face losses, and policy-driven capacity reduction persists, suggesting that demand for corn as feed will remain weak in the near future.