Core Viewpoint - Domestic corn prices have shown a strong upward trend since late May, driven by reduced imports and weather concerns affecting new season yields [1][2][12] Group 1: Market Dynamics - The significant decline in imports of corn and its substitutes (wheat, barley, sorghum) has altered the domestic supply structure, shifting from a previously loose supply-demand balance to a tighter one [2][3] - From January to April, China's total grain and grain powder imports fell to 7.81 million tons, a year-on-year decrease of 68.8%, with corn imports dropping by 95.1% to only 440,000 tons [2] - The reduction in imports is attributed to changes in agricultural import policies, international trade relations, and adjustments in domestic crop planting structures [2][3] Group 2: Price Support Factors - The implementation of the minimum purchase price for wheat in Henan has provided support for corn prices, leading to increased buying and stockpiling behavior among traders [6][7] - The current high levels of pig inventory and the initiation of state pork purchases are expected to sustain long-term demand for corn [1][11] Group 3: Weather and Crop Conditions - Despite dry weather conditions in key corn-producing regions, the overall planting progress for summer grains is ahead of previous years, with corn planting continuing smoothly [8][9] - The ongoing drought has raised concerns about the quality and yield of the new corn season, particularly in areas with poor irrigation infrastructure [8][10] Group 4: Future Outlook - Market participants anticipate a gradual increase in domestic corn prices, driven by ongoing buying enthusiasm for both corn and wheat [12] - However, the potential for significant price increases may be limited due to substantial existing inventories of domestic and imported corn, as well as abundant stocks of domestic rice [12]