March 22, 2021
China Corn: Increased reserves releases weaken prices substantially (week ended Mar 19, 2021)
As the releases of old stocks from Sinograin increased substantially, corn prices weakened substantially. Feed producers, who were wary about the outlook of the livestock markets, stood on the side line while corn prices tumbled from historic levels.
Corn prices averaged RMB2,965/tonne.
Corn prices are expected to consolidate lower as the government releases reserves stocks in efforts to tame inflation. However, with supplies of fresh corn highly inadequate, price falls are expected to be limited.
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