October 1, 2009
China's weekly corn sales decline amid upcoming new harvest
China sold 387,300 tonnes of corn at the weekly auction on Tuesday (Sep 29) with the amount falling from previous auctions due to the impending arrival of the new domestic harvest.
The corn was sold at an average price of RMB1,564 (US$229.1) per tonne, slightly lower by 0.4 percent compared to last week.
According to the China National Grain and Oils Information Centre, sales of the new crop in the northern regions have increased, which helped to ease the tightness in supply. Meanwhile, feed mills are withholding their purchases as they are waiting to buy more after the fall of corn prices.
With corn prices on the rise and coupled with a tight supply in the south, it prompted China's largest feed mill, New Hope Group, to import 3,000 tonnes of corn from Thailand to ease a short-term shortage. However, traders said further large imports were unlikely.
|
Date |
Volume sold
(tonnes) |
Highest price
(RMB/tonne) |
Volume offered
(tonnes) |
|
Sep 29 |
387,300 |
1,670 |
3,193,800 |
|
Sep 22 |
744,400 |
1,670 |
3,192,500 |
|
Sep 15 |
1,320,700 |
1,660 |
3,173,000 |
|
Sep 8 |
1,860,000 |
1,710 |
2,895,700 |
|
Sep 1 |
1,920,600 |
1,690 |
2,496,000 |
|
Aug 25 |
1,565,900 |
1,640 |
2,517,900 |
|
Aug 18 |
1,001,900 |
1,640 |
2,007,000 |
|
Aug 11 |
725,900 |
1,610 |
1,995,000 |
|
Aug 4 |
833,900 |
1,650 |
1,937,500 |
|
Jul 28 |
928,300 |
1,670 |
2,000,000 |
|
Jul 21 |
745,900 |
1,690 |
2,000,000 |
|
Total |
12,034,800 |
　 |
27,408,400 |
| US$1=RMB6.827 (Oct 1) | |||
