Domestic corn is affected by the auction of rice, and the demand for corn feed is relatively strong|Agricultural Products_Sina Finance_Sina.com

Jintou.com

On February 20, most domestic commodity futures rose, and agricultural and sideline products collectively rose. As of press time,cornThe main contract rose 0.59% to 2875.00 yuan / ton.

In the seventh week of 2023, as the pressure on farmers in the main producing areas of the north to sell grain has been released to a certain extent, the rotation of China’s grain storage corn has increased, and the domestic corn futures spot market has stopped falling and rebounded. Among them, the price of corn in the north and south ports rebounded by 10-30 yuan/ton week-on-week, and the continuous corn basically recovered the decline since the middle and late January of this year.

Corn futures on the Chicago Board of Trade (CBOT) closed up last Friday, with the benchmark period closing about 0.4% higher as traders adjusted their positions ahead of the long weekend. Crude oil futures slumped on Friday and headed for a weekly loss on concerns that higher interest rates could weigh on demand.corn andsoybeanEach is a feedstock for ethanol and biodiesel fuel, so it sometimes follows the trend of crude oil futures; spot corn basis quotes in the central U.S. are mostly steady to firm, with two Midwest processors up 5 cents in basis quotes. Prices at a pier on the Iowa River rose 6 cents, bucking the overall trend.

Private exporters reported export sales of 120,800 tonnes of corn to unknown destinations for delivery in the 2022/2023 marketing year, according to data released by the U.S. Department of Agriculture (USDA).

Looking ahead, the Galaxy Futures analysis pointed out that the weather in Argentina is worried, and the US corn fluctuates at a high level. Affected by the auction of rice, domestic corn stocks were weak. Corn stocks in Guangdong ports were high, Shandong corn fell over the weekend, and northeast corn ports were stable. Downstream farming and deep processing suffered losses, 05 corn continued to rebound to around 2850, market trading demand improved, and more orders can be gradually established below 2820.