Corn prices in the second quarter generally trended weak, industry views and analysis

Corn prices generally trended weak in the second quarter In the second quarter, the domestic corn market fully entered the temporary storage "auction season," and its overall price trend was slightly weak. At the same time, compared with last year, the "destocking" progress of temporary storage corn was slow, market demand lacked highlights, and the market confidence index declined in tandem. In the international market, bullish and bearish factors coexisted, prices first fell and then rose, and the price spread with domestic corn continued to widen. Looking ahead, as the domestic corn market enters the lean season, discussion has reappeared about whether corn prices can repeat last year's glory. However, the oversupply situation in the domestic corn market remains difficult to reverse, and it will not be easy for China's corn market to say "rise" this summer.

China's soybean meal market runs strong in the short term Affected by precipitation during the planting period, U.S. soybean planted area will shrink somewhat. The U.S. Department of Agriculture has confirmed that after research it will revise the soybean planted area in the August supply and demand report, which gives the market some room for imagination. At the same time, with crushing profits turning to losses, China's soybean meal market is running strong. However, given ample imported soybeans and no substantive improvement in hog farming, unless U.S. soybeans see a large production cut, the upside for soybean meal is bound to be limited. Before the U.S. soybean production cut data is clear, caution should be taken against soybean meal prices "overshooting."