Core Viewpoint - The average spot price of corn in China on May 21 was 2219.00 CNY/ton, which is 105.00 CNY/ton lower than the futures main contract price of 2324.00 CNY/ton [1] Price Overview - The price of yellow corn (Grade 3, 14% moisture) varies across different regions, with the highest price at 2460 CNY/ton in Weifang, Shandong, and the lowest at 2090 CNY/ton in Harbin, Heilongjiang [2] - The futures market closed at 2324.00 CNY/ton on May 21, with a slight increase of 0.09%, reaching a high of 2328.00 CNY/ton and a low of 2307.00 CNY/ton, with a trading volume of 648,940 contracts [2] Market Insights - The total corn processing volume in China for the week of May 15-21 was 583,900 tons, a decrease of 4,400 tons from the previous week [3] - In the U.S. corn-producing states, 72.22% of the areas are expected to experience below-normal temperatures in the next 6-10 days, and 39% of the areas anticipate below-normal precipitation [3] Analytical Perspective - According to Guosen Futures research, the domestic corn surplus continues to decrease, and with the southern and northern ports entering a destocking phase, supply pressure is alleviating. However, demand is constrained by policy auctions and competition from wheat substitutes, leading to insufficient upward momentum in the short term [4]
供应压力减轻 短期玉米上行动力不足
Jin Tou Wang·2025-05-21 08:43