Today (Mar 3), the market for grains in China is shown as follows:

Corn:

Corn prices mostly keep steady with a partial adjustment in China today. And the average price is 2,952 CNY/tonne nationwide, down 1 CNY/tonne from yesterday. Deep-processing enterprises in Shandong offer at 2,970-3,150 CNY/tonne, partly decreasing by 10-50 CNY/tonne from yesterday. At Jinzhou port, Liaoning, 2020 new corn (volume weight with 720 g/L, moisture content within 15%, impurity with 1%, dent with 8%, mildew with 2%) is purchased at 2,950 CNY/tonne. 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%) prevails at 2,950-2,990 CNY/tonne, with limited availability. At Guangdong port, Grade-II new corn is offered at 2,930-2,950 CNY/tonne, unchanged from yesterday.

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 the Spring Festival holidays, so many enterprises are in need of making replenishment. These have offered support to corn prices. Nevertheless, the number of trucks waiting to get unloaded in Shandong earlier this morning jumps to approximately 1000 as the weather in North China gets clear and corn prices have continually risen to a level that traders are satisfied with. Some enterprises trim the 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 further fall by 30 CNY/tonne today. Overall, corn market is expected to keep fluctuating at the high level in the near term. Market participants should keep close eyes on the next policy guidelines.

Sorghum:

Domestic sorghum prices are stable today, of which dried red sorghum remains unchanged at 4,200 CNY/tonne in Changchun, Jilin and 4,160 CNY in Jinzhong, Jiangxi. Traders and brewery owners are making purchases now and logistics are at a normal state, in addition to small supply in the market, so domestic sorghum prices are supported. Domestic sorghum market is predicted to be little change and keep steady overall.

Imported sorghum prices steady in China today, of which raw U.S. sorghum is flat at 2,690-2,700 CNY/tonne at Tianjin Port and at 2,750 CNY at Guangdong ports. Huge sorghum arrivals at ports are weighing on prices, but as a substitute for corn, imported sorghum keeps firm under the support of high corn prices. Overall, imported sorghum prices are expected to steady before huge cargoes arriving at ports.

Barley:

Imported barley prices steady in China today, of which Canadian barley remains at 2,400 CNY at Guangdong ports and at 2,420-2,450 CNY/tonne at Nandong Port. There are more imported barley cargoes expected to arrive at domestic ports, and some feed millers are making purchases with the completion of the Chinese Lunar New Year holidays. Overall, imported barley prices are predicted to be little changed and stay stable in China.

(USD $1=CNY ¥6.46)