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November 7, 2011

 

China Corn Weekly: Market stays weak; northern prices rebound (week ended Nov 4, 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 28 (RMB/tonne)

Price as of Nov 4 (RMB/tonne)

Price change (RMB/tonne)

Heilongjiang

Haerbin

Ex-warehouse

2,246

2,160

-86

Jilin

Changchun

Ex-warehouse

2,320

2,220

-100

Liaoning

Shenyang

Ex-warehouse

2,336

2,208

-128

Inner Mongolia

Tongliao

Ex-warehouse

2,336

2,292

-44

Shandong

Dezhou

Ex-warehouse

2,352

2,320

-32

Shandong

Weifang

Ex-warehouse

2,388

2,400

12

Hebei

Shijiazhuang

Ex-warehouse

2,352

2,308

-44

Henan

Zhengzhou

Ex-warehouse

2,200

2,232

32

Jiangsu

Xuzhou

Ex-warehouse

2,236

2,300

64

Shaanxi

Xi'an

Ex-warehouse

2,236

2,212

-24

Jiangsu

Lianyungang

Rail Station

2,560

2,500

-60

Zhejiang

Hangzhou

Rail Station

2,588

2,570

-18

Shanghai

-

Rail Station

2,588

2,570

-18

Sichuan

Chengdu

Rail Station

2,660

2,572

-88

Liaoning

Dalian

FOB

2,376

2,328

-48

Liaoning

Jinzhou

FOB

2,366

2,318

-48

Guangdong

Shekou Port

CIF

2,562

2,520

-42

Fujian

Fuzhou

CIF

2,570

2,530

-40

All prices are representative and are for reference only.

RMB1=US$0.1576 (Nov 7)

 

 

 

Market analysis

 

Rising imports, with around two million tonnes of US corn set to arrive in China over the coming period, put corn market under pressure alongside a domestic bumper harvest. The number of buyers in the market had reduced sharply from last year as many cash-strapped traders were forced to stand on the sidelines.

 

Meanwhile, heavy rains and fog in northern producing regions of Shandong, Henan and Jiangsu hampered corn delivery and trading, sending corn prices there higher.

 

Market forecast

 

In the short term, corn market is seen on weak momentum amid growing supplies. However, there is a likelihood that the government may intervene by buying corn in the market to refill state reserves anytime soon.
 

 


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