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Wheat prices are still bottoming out, and traders are eager to unload their inventories
Affected by sluggish demand for food wheat, the disappearance of feed demand, large-scale auction sales of state-reserved wheat, and the rotation and release of local reserves of wheat from warehouses, domestic wheat futures and spot prices have continued to decline since October. Traders are eager to unload their wheat inventories, and in some regions there are phenomena of competing price cuts to sell
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Wheat prices decline, leaving traders and flour mills in misery
At the end of September, many grain depots in the Puyang area posted a purchase price of 1.17-1.2 yuan/jin for national-standard second-grade wheat, which has now been lowered to 1.12 yuan/jin. Cui Ruibing, a wheat trader in Puyang, Henan, told the reporter that entering October, although no major bearish factors appeared in the market and the wheat market also entered the traditional peak demand season, wheat demand simply showed no improvement, and coupled with corn prices falling relentlessly, the wheat purchase price also kept sliding.
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Grain traders hit by hard-to-sell grain; private granaries underutilized
Along with a cigarette, a business card is handed over casually. This is a habitual gesture of grain brokers. On the card, besides basic information, phrases such as "buys grain in large quantities" and "buys grain year-round" reveal the industry needs of the broker community; brokers with a strong sense of service
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