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October 31, 2011
 
China Corn Weekly: Market resumes downtrend (week ended Oct 28, 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 21     (RMB/tonne)

Price as of Oct 28   (RMB/tonne)

Price change (RMB/tonne)

Heilongjiang

Haerbin

Ex-warehouse

2,290

2,246

-44

Jilin

Changchun

Ex-warehouse

2,320

2,320

0

Liaoning

Shenyang

Ex-warehouse

2,360

2,336

-24

Inner Mongolia

Tongliao

Ex-warehouse

2,360

2,336

-24

Shandong

Dezhou

Ex-warehouse

2,380

2,352

-28

Shandong

Weifang

Ex-warehouse

2,400

2,388

-12

Hebei

Shijiazhuang

Ex-warehouse

2,380

2,352

-28

Henan

Zhengzhou

Ex-warehouse

2,267

2,200

-67

Jiangsu

Xuzhou

Ex-warehouse

2,300

2,236

-64

Shaanxi

Xi'an

Ex-warehouse

2,260

2,236

-24

Jiangsu

Lianyungang

Rail Station

2,570

2,560

-10

Zhejiang

Hangzhou

Rail Station

2,600

2,588

-12

Shanghai

-

Rail Station

2,600

2,588

-12

Sichuan

Chengdu

Rail Station

2,653

2,660

+7

Liaoning

Dalian

FOB

2,440

2,376

-64

Liaoning

Jinzhou

FOB

2,427

2,366

-61

Guangdong

Shekou Port

CIF

2,553

2,562

9

Fujian

Fuzhou

CIF

2,575

2,570

-5

All prices are representative and are for reference only.
RMB1=US$0.1572 (Oct 30)

 
 
Market analysis
 
Farmers were not eager to sell their new crops amid anticipation for higher prices as well as their preoccupation with autumn harvesting. Large-scale feed millers and ethanol makers were actively procuring in the market, while a lack of credit slowed traders' corn buying. 
 
Meanwhile, southern port prices gained slightly as feed millers stepped up purchases while traders were inclined to hoard.
 
National Grain and Oils Information Centre forecast in October that China's 2011 corn output will increase 7.25 million tonnes on-year to reach 184.5 million tonnes, the largest volume in the country's history. This is expected to pile some pressure on domestic corn prices.
 
 
Market forecast
 
Corn prices are poised to slide further under seasonal harvest pressure, but the downside will be limited as demand remains firm, while farmers continue to withhold stocks.
 

 

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