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October 24, 2011
 
China Corn Weekly: Prices extend drops; farmers' hoarding, buoyant demand limit losses (week ended Oct 21, 2011)
 
An eFeedLink Exclusive
 

Price summary

Prices were mostly lower.
 

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

Region

City/ Port

Price type

Price as of Oct 14  (RMB/tonne)

Price as of Oct 21 (RMB/tonne)

Price change (RMB/tonne)

Heilongjiang

Haerbin

Ex-warehouse

2,290

2,290

0

Jilin

Changchun

Ex-warehouse

2,324

2,320

-4

Liaoning

Shenyang

Ex-warehouse

2,364

2,360

-4

Inner Mongolia

Tongliao

Ex-warehouse

2,364

2,360

-4

Shandong

Dezhou

Ex-warehouse

2,424

2,380

-44

Shandong

Weifang

Ex-warehouse

2,442

2,400

-42

Hebei

Shijiazhuang

Ex-warehouse

2,420

2,380

-40

Henan

Zhengzhou

Ex-warehouse

2,408

2,267

-141

Jiangsu

Xuzhou

Ex-warehouse

2,460

2,300

-160

Shaanxi

Xi'an

Ex-warehouse

2,260

2,260

0

Jiangsu

Lianyungang

Rail Station

2,590

2,570

-20

Zhejiang

Hangzhou

Rail Station

2,600

2,600

0

Shanghai

-

Rail Station

2,608

2,600

-8

Sichuan

Chengdu

Rail Station

2,640

2,653

13

Liaoning

Dalian

FOB

2,464

2,440

-24

Liaoning

Jinzhou

FOB

2,446

2,427

-19

Guangdong

Shekou Port

CIF

2,540

2,553

13

Fujian

Fuzhou

CIF

2,570

2,575

5

All prices are representative and are for reference only.
RMB1=US$0.1566 (Oct 24)

 
 
Market analysis
 
Corn prices continued to drop over the week as more new crops were available in the market. Given better-quality yields and surging planting costs this year, farmers were reluctant to sell in expectations of higher prices. With demand from small- and mid-sized traders strong, corn's losses had been limited.
 
Higher availability of corn weakened northern port prices while dwindling stockpiles at southern ports due to delayed shipment arrivals shored up prices there.
 
Expanding hog inventories and the fattening of animals for year-end pork consumption provided firm support for feed corn demand.
 
 
Market forecast
 
Despite a bumper harvest, corn prices are unlikely to fall sharply in the near term on the back of buoyant feed demand, processors' need to replenish shrinking stocks, as well as farmers' tendency to hoard new crops.
 
 


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