Farm Inventory Replenishment Fuels China's Rising Corn Prices in August
China's Corn Market Monthly Report for August 2004
An eFeedLink Special Report
Below is an abstract of the report: Farm Inventory Replenishment Fuels China's Rising Corn Prices in August
The full report is specially prepared for subscribed Individual or Corporate Members of eFeedLink's Information Website. The report is dispatched to Members by email. If you are not yet an eFeedLink's Information Website Member, click Here to register for a 2-week free trial.
China's corn prices rose amid general market stability in August 2004. The monthly countrywide average price for second-grade corn for the month was RMB1358/ton, up by 0.89% compared with July's average price.
The price increase was caused by greater demand for corn as livestock and poultry producers replenished their inventories ahead of several forthcoming holidays in the country.
In August, China's Redevelopment Commission allotted a total of 1.6 million metric tons for the second batch of corn export quotas for this year. Including the first batch of 1.4 million metric tons allocated in February, the total corn export quotas for this year stands at 3 million metric tons currently.
With the recent low global corn prices, as seen from CNF offer prices for US corns to South Korea at US$160 /ton, China is unlikely to gain from its recent corn export contracts. However, analysts expect China's corn export to rise after October.
More contents in this 2-page report include:
1 Livestock Industry Pick-Up Supports Corn Prices
2 Heavy Rainfall Improves Soil Condition But Worsens Pest Infestations
3 Rising Corn Prices Moderated By Tight Transportation Capacity And Stocks Disposal In The Northeast
4 Reduced Corn Export With Decline In Export Demand
