Today (Mar 11), the market for grains in China is shown as follows:

Corn:

Corn prices in China keep steady with a partial decline today. And the average price is 2,919 CNY/tonne nationwide, down 4 CNY/tonne from yesterday. Deep-processing enterprises in Shandong offer at 2,960-3,126 CNY/tonne, a slight adjustment of 10 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 2,860-2,870 CNY/tonne, a decrease of 20 CNY/tonne from the high level. 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 unchanged at 2,860 CNY/tonne. At Guangdong port, Grade II new corn remains flat at 2,910-2,920 CNY/tonne.

There are around 700 trucks waiting to get unloaded in Shandong earlier this morning. Enterprises mostly take a wait-and-see attitude, while corn price adjusts by 10 CNY/tonne in several regions. With weather in Northeast China warming, farmers and some traders are selling the wet corn successively. In this case, the marketing volume gradually picks up, so corn prices among many businesses dip 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 trading at Southern ports is light. Plus, corn futures post uninterrupted declines, affecting market sentiment. Nevertheless, 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. 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. Overall, corn market is expected to fluctuate weakly 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. But downstream market are reluctant to accept high prices, which is weighing on the market. Overall, domestic sorghum market is predicted to be little change and keep steady overall.

Imported sorghum prices steady with a partial decline in China today, of which raw U.S. sorghum is unchanged at 2,630-2,650 CNY/tonne at Tianjin Port and at 2,720 CNY at Guangdong ports; bulk raw Australian sorghum is offered lower by 20 CNY at 3,130-3,150 CNY at Tianjin Port. 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 remain unchanged in China today, of which Canadian barley remains at 2,440 CNY at Guangdong ports, 2,450 CNY/tonne at Qingdao Port, and 2,400 CNY 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 ¥6.50)