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)