February 6, 2024
China Corn: Tepid demand slashes prices by 6% in four weeks (week ended Feb 5, 2024)
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Sales of corn were slow as feed producers limited production while livestock markets continued to underperform. Pre-Chinese New stimulation was unexpectedly weak this year due to China's economic downturn. Consequently, corn market weakened for the fourth consecutive week, albeit at a much slower pace.
Corn prices averaged RMB2,371/tonne, sliding RMB8/tonne or 0.34% compared with the previous week. Compared with late December 2024's levels, corn prices have plummeted 5.7%.
Corn market is set to remain weak with feed consumption slack and feed producers wary of China's bleak economic outlook.
Full version of the report is available at: https://spoutinfo.com/market-forecast-detail/31/32/265/5168
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