Domestic new wheat prices have risen rapidly recently

Domestic new wheat prices have risen rapidly recently As the wheat harvest in the main producing areas advances from south to north, the volume of new wheat coming onto the domestic market has continued to increase. Against the backdrop of the minimum purchase price execution plans for wheat being activated in the four provinces of Jiangsu, Hubei, Anhui and Henan, new wheat prices have not declined, but instead have risen rapidly within the past week. At the same time, rainy weather occurred during the wheat harvest period in Jiangsu, Hubei, Anhui and southern Henan, which caused the proportion of sprouted wheat in the new wheat in some areas to be relatively large. The quantity of better-quality new wheat was less than expected, market bullish sentiment recovered, and some market participants changed their purchasing approach. Some well-funded traders and large flour milling enterprises took the lead in starting purchases, hoping to seize the opportunity of concentrated new wheat market arrivals to "grab" good grain, which helped push up new wheat prices.

Tight supply limits the extent of rapeseed meal pullback Affected by the concentrated market arrival of South American soybeans and good U.S. soybean planting conditions, domestic and international soybean products have fallen sharply since mid-May. Domestic rapeseed oil and rapeseed meal prices were also dragged down by soybean oil and soybean meal, declining steadily, rapeseed processing profits fell, and domestic rapeseed imports decreased. But this year the temporary storage policy for rapeseed was changed so that the central finance and provincial finance jointly funded subsidies for oil mills in the main producing areas, and oil mills purchased according to market conditions. Because the subsidy funds did not arrive in time and oil mills had limited processing profits, most rapeseed purchase prices offered were below 2 yuan/jin, farmers had a serious reluctance to sell, causing the pace of new-crop rapeseed purchasing to slow. With less rapeseed processing, rapeseed meal supply was correspondingly lower, and rapeseed meal futures are expected to oscillate and form a bottom.