Today (Feb 25), the market for grains in China is shown as follows:

Corn:

Corn prices mostly keep steady with a slight adjustment in China today. And the average price is 2,937 CNY/tonne nationwide, flat from yesterday. Deep-processing enterprises in Shandong offer at 2,950-3,130 CNY/tonne, a slight adjustment of 20-30 CNY/tonne from yesterday. At Bayuquan port, Liaoning, the purchasing price of 2020 new corn (volume weight with 720 g/L, moisture content within 15%, impurity with 1%, mildew with 2%) is 2,960-3,000 CNY/tonne.

Due to a reduction in production in main producing regions and less corn released under policy, corn market is heading for a foreseeable tight supply, offering support to market. Plus, corn sales are in faster progress than formers years due to early high prices, so corn stocks are not many left in some farmers’ hand, raising market’s reluctance in selling corn. As a result, corn flowing into market is reduced. But downstream deep-processing enterprises have resumed the purchase in succession. Corn stocks have basically fallen to a low level after consumptions during Spring Festival holidays, so many enterprises are in need of making replenishment. These have offered support to corn prices. Nevertheless, there are around 700 trucks waiting to get unloaded in Shandong earlier this morning due to the sudden rain and snow in some regions of North China. Many enterprises stay on the sideline and several firms adjust corn price by 10-20 CNY/tonne. On the other side, the demand from Southern market is still flat, and African swine fever takes resurgence in some areas. Accordingly, pig farms look bearish on after-market and are active in slaughtering hogs. Besides, with the alternatives of corn increasing, corn prices at Southern ports fall by 10 CNY/tonne today. Overall, corn market is expected to fluctuate at the high level in the near term. Market participants should keep close eyes on the next policy guidelines.

Sorghum:

New domestic sorghum prices are partially stable and partially not available in China today. Some brewery owners and traders have not started work yet, and logistics have also not returned to normal. In addition, brewery owners have made adequate replenishment ahead of the new year. Hence, purchases and sales are both sluggish now. Domestic sorghum market is predicted to be little change and keep steady overall.

Imported sorghum prices steady in China today, with the average price at 2,918 CNY/tonne. As the substitute of corn, imported sorghum prices are slightly higher under the support of high-priced corn. The price is expected to steady with a strengthening trend before large cargoes of imported sorghum arriving at domestic ports.

Barley:

Imported barley prices steady in China today, with the overall price at 2,462 CNY/tonne. More sorghum vessels are expected to reach domestic ports, and domestic market is in thin trade now as some feed manufacturers and port traders have not come back to work. Overall, imported barley prices are predicted to be little change and stay stable in China.

(USD $1=CNY ¥6.45)