Corn rebounds locally, soybean meal rises for 4 consecutive days with a cumulative increase of 120 yuan/ton
[Daily Corn Price Report]
Data from the Zhi Nong Tong APP Hangqingbao shows: on August 10, domestic corn prices stopped falling and stabilized, with slight fluctuations in some areas of around 20 yuan/ton. In Heilongjiang, the loading price of rotation corn is 1550-1670 yuan/ton, and the listed price of local deep-processing enterprises is 1610-1650 yuan/ton; in Jilin, the loading price of 2013 rotation corn is 1630-1740 yuan/ton; in Liaoning, the actual factory-delivered price of auctioned corn in some areas is 1780 yuan/ton, while the earlier purchase price of 2015 new grain was 1920-1950 yuan/ton; corn purchase prices in Henan, Hebei, Shaanxi, Shanxi and Anhui are basically stable at 1740-1840 yuan/ton; local corn prices in Shandong are stable at 1680-1720 yuan/ton, with deep-processing enterprises in a few areas raising purchase prices by 20 yuan/ton; corn transaction prices at northern ports are stable at 1800-1830 yuan; corn purchase prices at southern ports continue to decline slightly by 20 yuan/ton in some areas; corn arrival prices in inland Jiangsu have stopped falling and stabilized; arrival prices of second-grade corn in northwestern Sichuan have fallen to 2030-2100 yuan/ton.
Recently, corn prices have stopped falling and stabilized, mainly with slight fluctuations in some areas. Bullish voices have emerged in the market: it is believed that grain-using enterprises have basically used up their previously purchased inventories, and combined with the holiday effect, a wave of purchasing may arrive, driving corn prices up. However, given the weak market conditions, Hangqingbao believes that the upside for corn prices is limited.
[Daily Soybean Meal Price Report]
Data from the Zhi Nong Tong APP Hangqingbao shows: on August 10, soybean meal prices nationwide continued to rebound slightly, with increases of 20-30 yuan/ton. In the coastal areas of Shandong, most mainstream soybean meal quotes from oil mills were raised by 10-20 yuan/ton, while inland areas basically rose above 3100 yuan/ton; soybean meal quotes from oil mills at Jiangsu ports were also raised by 10-20 yuan/ton, with high-protein soybean meal selling at 3220 yuan/ton in some areas; Zhejiang and Shanghai rose steadily; oil mills in many places in Guangdong and Guangxi raised soybean meal quotes by 20-30 yuan/ton, with the highest price rising to 3250 yuan/ton; Fujian rose across the board by 20-30 yuan/ton; soybean meal quotes from oil mills and traders in the Beijing-Tianjin-Hebei region rose by 20-40 yuan/ton; Jilin and Liaoning rose across the board by 20-30 yuan/ton; mainstream local oil mills in Henan raised soybean meal quotes by 20-30 yuan/ton; soybean meal prices in Anhui rose to around 3160-3200 yuan/ton; Shaanxi and Shanxi were stable; soybean meal prices in mainstream areas of Hubei and Hunan rose by 20 yuan/ton; Jiangxi was raised by 30 yuan/ton; Sichuan was steady with a slight upward bias; Yunnan and Guizhou were mainly stable.
The strong hype theme of U.S. soybean export demand continues to heat up, driving China's soybean meal prices up for 4 consecutive days, while yesterday's trading volume increased compared with before. The August U.S. agricultural supply and demand report is about to be released. If the data is bearish for the market, China's soybean meal prices may resume their decline. In addition, future weather hype still leaves variables for the market, and soybean meal prices are highly likely to remain volatile in the future.