Today (Mar 15), the market for grains in China is shown as follows:

Corn:

Corn prices in China all decline today. And the average price is 2,879 CNY/tonne nationwide, a decrease of 35 CNY/tonne from last Friday. Deep-processing enterprises in Shandong offer at 2,910-3,080 CNY/tonne, a decrease of 26-80 CNY/tonne from last Friday. 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 2,830 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%) is 2,840 CNY/tonne. Both are down 10 CNY/tonne from last Saturday. At Guangdong port, Grade II new corn is 10-20 CNY/tonne lower at 2,870-2,900 CNY/tonne.

There are around 1,100 trucks waiting to get unloaded in Shandong earlier this morning, and enterprises cut corn price by 10 CNY/tonne. With weather in Northeast China warming, farmers and some traders are selling the wet corn successively. And wet corn is hard to store under rainy weather, so they accelerate the pace of sales. In this case, the marketing volume gradually picks up, so corn prices offered by businesses further dip by 10-60 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. Corn prices at Southern ports continue decreasing by 20 CNY/tonne today. 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. These have offered support to corn prices. Overall, corn market still carries the potential to fall in the short run. Market participants should keep close eyes on the next policy guidelines.

Sorghum:

Domestic sorghum prices are stable with a partial decline today, of which dried red sorghum goes down 100 CNY to 4,100 CNY/tonne in Changchun, Jilin and remains unchanged ta 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 is 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 decline in China today, of which raw U.S. sorghum is down 50 CNY to 2,580-2,600 CNY/tonne at Tianjin Port and down 40 CNY to 2,650-2,680 CNY at Guangdong ports; bulk raw Australian sorghum is offered lower by 50 CNY at 3,100 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 steady with a partial decline in China today, of which Canadian barley remains at 2,440 CNY at Guangdong ports, goes down 30 CNY to 2,420 CNY/tonne at Qingdao Port, and remains flat at 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)