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Corn price falls accelerate at Chinese state auctions

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Prices at weekly auctions of corn from Chinese state stockpiles are easing back. But for how long?

 

At the latest auction, on Thursday, prices fell for a second successive event, and at an increasing pace, of 2.3%.

 

The fall expands a picture of easing values evident on the Dalian futures market too, where the best-traded January 2020-21 contract closed at 2,223 yuan a tonne, down from an intraday high of 2,289 yuan a tonne set on July 27.

 

However, just when it seemed that pressure over Chinese supply tightness might be easing...

 

The January contract recovered on Friday, closing up 2.0% at 2,272 yuan a tonne, its best ever finish. Does this herald a further leg higher in prices, and a revival in values at auction too?

 

 

Crop sales for 2020-21
Date of auction Crop on offer (tonnes)
Proportion of crop on offer sold Price per tonne (yuan)
August 13 3,993,954 100% 1,959
August 6 3,993,954 100% 2,005
July 30 4,014,334 100% 2,037
July 23 3,974,163 100% 2,017
July 16 4,026,026 100% 1,950
July 9 3,970,072 100% 1,899
July 2 4,099,101 100% 1,879
June 24 3,988,237 100% 1,871
June 18 3,980,692 100% 1,885
June 11 3,942,683 100% 1,818
June 4 3,974,739 99.9% 1,795
May 28 3,992,526 100% 1,766

 

 

 

 

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