Dalian corn futures settled in a narrow range on December 27. The main 1109 contract was opened at 2,345 yuan/ton, and the closing price was 2,345 yuan/ton, down by 6 yuan/ton. The volume was 65,100 lots, and the open interest volume was 390,612 lots. A record high of US corn corn boosted the domestic structure, but the double effect of the year-end interest rate hike and withdrawal from the market was suppressed, but the impact on the corn was limited. Technically, the high corn operating pattern has not yet been reversed, and the support of the lower moving average is still strong, and the market should wait and see for the time being.
The price of corn in Argentina rose again slightly last week as traders continued to pay attention to the weather. If the rain cannot arrive soon, the hot weather may cause serious damage to the local crops. The country is also ranked second among the global corn exporters. In recent weeks, the international prices of crops have risen sharply, and traders nervously waited for the rainfall that would ease Argentina’s crop worries.
As of December 16, total corn export sales have reached 51% of the US Department of Agriculture's annual export forecast, compared to a five-year average of 50.3%. The average weekly export sales volume needed to reach 656,000 tons during the rest of the year will enable the USDA to make predictions.
On the domestic front, the People's Bank of China announced yesterday that it has raised the benchmark deposit and lending rates for financial institutions since December 26, and raised the one-year benchmark deposit and lending rates by 0.25 percentage points. This is the second time that the People's Bank of China has raised interest rates during the year. It is also the first time since the central government announced its intention to implement a prudent monetary policy.
Although the country’s policies including raising the reserve requirement ratio, raising interest rates, and a series of control prices for the corn market continued to promulgated, the purchase price in the corn spot market remained high, and the purchase price of Jilin Dacheng remained stable at 1,860 yuan/ton. In addition, the grain tracking station in Liaocheng, Shandong Province, which was tracked by the author, was also steady at 1920 yuan/ton, and the acquisition volume was still scarce. Although the auction rate and price of the main producing areas in this week both went down, the demand was strong and there was no room for doubt.
It is reported that the reserve of the Jinzhou Port State Reserve has started to buy corn at yesterday's price of 2030 yuan/ton, although it is relatively higher than the local trader's purchase price, but it is stricter in the bulk density and moisture of corn (water content is at least 14.5%, and the bulk density is 710 or more. ) Yesterday the acquisition was not satisfactory. The price of corn flats in the three northern ports has been stable at 2060-2070 yuan per ton for the time being. Due to the unsatisfactory sales profits from the delivery of southern China, the enthusiasm of the merchants for shipping is still low.
The price of corn in Argentina rose again slightly last week as traders continued to pay attention to the weather. If the rain cannot arrive soon, the hot weather may cause serious damage to the local crops. The country is also ranked second among the global corn exporters. In recent weeks, the international prices of crops have risen sharply, and traders nervously waited for the rainfall that would ease Argentina’s crop worries.
As of December 16, total corn export sales have reached 51% of the US Department of Agriculture's annual export forecast, compared to a five-year average of 50.3%. The average weekly export sales volume needed to reach 656,000 tons during the rest of the year will enable the USDA to make predictions.
On the domestic front, the People's Bank of China announced yesterday that it has raised the benchmark deposit and lending rates for financial institutions since December 26, and raised the one-year benchmark deposit and lending rates by 0.25 percentage points. This is the second time that the People's Bank of China has raised interest rates during the year. It is also the first time since the central government announced its intention to implement a prudent monetary policy.
Although the country’s policies including raising the reserve requirement ratio, raising interest rates, and a series of control prices for the corn market continued to promulgated, the purchase price in the corn spot market remained high, and the purchase price of Jilin Dacheng remained stable at 1,860 yuan/ton. In addition, the grain tracking station in Liaocheng, Shandong Province, which was tracked by the author, was also steady at 1920 yuan/ton, and the acquisition volume was still scarce. Although the auction rate and price of the main producing areas in this week both went down, the demand was strong and there was no room for doubt.
It is reported that the reserve of the Jinzhou Port State Reserve has started to buy corn at yesterday's price of 2030 yuan/ton, although it is relatively higher than the local trader's purchase price, but it is stricter in the bulk density and moisture of corn (water content is at least 14.5%, and the bulk density is 710 or more. ) Yesterday the acquisition was not satisfactory. The price of corn flats in the three northern ports has been stable at 2060-2070 yuan per ton for the time being. Due to the unsatisfactory sales profits from the delivery of southern China, the enthusiasm of the merchants for shipping is still low.
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