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February 28, 2017
 
China Corn Weekly: Sharper price fall (week ended Feb 24, 2016)
 
An eFeedLink Exclusive
 
 
Price summary
 
Prices fell significantly.
 

Weekly transacted prices of second-grade corn in China (Moisture content 14%)

Region

City/ Port

Price type

Price as of Feb 17 (RMB/tonne)

Price as of Feb 24 (RMB/tonne)

Price change (RMB/tonne)

Heilongjiang

Haerbin

Ex-warehouse

1,432

1,388

-44

Jilin

Changchun

Ex-warehouse

1,522

1,510

-12

Liaoning

Shenyang

Ex-warehouse

1,530

1,530

0

Inner Mongolia

Tongliao

Ex-warehouse

1,510

1,510

0

Shandong

Dezhou

Ex-warehouse

1,644

1,620

-24

Shandong

Weifang

Ex-warehouse

1,654

1,630

-24

Hebei

Shijiazhuang

Ex-warehouse

1,626

1,590

-36

Henan

Zhengzhou

Ex-warehouse

1,658

1,600

-58

Jiangsu

Xuzhou

Ex-warehouse

1,668

1,648

-20

Shaanxi

Xi'an

Ex-warehouse

1,600

1,580

-20

Jiangsu

Lianyungang

Rail Station

1,668

1,648

-20

Zhejiang

Hangzhou

Rail Station

1,694

1,668

-26

Shanghai

-

Rail Station

1,694

1,668

-26

Sichuan

Chengdu

Rail Station

1,860

1,846

-14

Liaoning

Dalian

FOB

1,490

1,484

-6

Liaoning

Jinzhou

FOB

1,490

1,484

-6

Guangdong

Shekou Port

CIF

1,620

1,620

0

Fujian

Fuzhou

CIF

1,632

1,640

8

All prices are representative and are for reference only.
RMB1=US$0.1455 (Feb 28)

 
 
Market analysis
 
Corn market weakened more prominently over the week as demand stayed sluggish while supplies increased as traders were eager to release inventories. Moreover, ample availability of wheat, which can be used to substitute corn in feed production, exerted pressure on the market.
 
In the consumption region, feed millers withheld purchases as over 400,000 tonnes of imports are expected to arrive during early March.
 
Corn prices fell1.13% on average. Sliding since November, corn prices have dropped almost 10% accumulatively.
 
 
Market forecast
 
High mortality rates of poultry due to the bird flu outbreak will decimate the demand for poultry feed and hence corn. With sales weak, supplies plentiful and some feed millers using wheat to substitute corn, prices of corn are unlikely to rebound in the near term.
 


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