Jintou.com
tuesday night,cornThe main 01 contract fell back slightly, down 1.16%; the main CBOT corn contract closed down 0.3% on Tuesday.
Internationally, according to CITIC’s annual report, the global corn supply in 2022/23 is showing a tightening trend compared with the previous year. The decline in corn supply in the new season, the reconstruction of the Ukrainian grain corridor, the strong corn output in South America, and the growth in demand in the European Union , and China’s attempt to find new supply sources and other uncertain factors, the international corn price tends to rise but never falls, and is expected to fluctuate in a wide range.
On the domestic front, Green Dahua Futures analyzed that it is currently the season of concentrated new-crop corn, but the main production areas are affected by rain and snow, making it more difficult to increase the volume at the grassroots level, logistics and transportation are hindered to varying degrees, and the effective supply in the market is insufficient. The seasonal supply pressure of corn has shifted backward. At the same time, the inventory of downstream enterprises is relatively low. In order to ensure the normal production of enterprises, some enterprises start stocking up before the festival in advance, and the demand for inventory replenishment continues. Some enterprises in Northeast China and North China continue to increase their purchase prices to attract more volume.
Looking forward to the market outlook, Guoxin Futures stated that due to the increase in planting costs, farmers are reluctant to sell and the epidemic has repeatedly affected logistics, resulting in a low supply of new crop corn on the market, while grain-consuming enterprises have low inventories, and they will be forced to increase prices to replenish storage demand, thereby supporting spot stocks However, the performance of futures deviates from the spot price for two consecutive days, and the market may be under the pressure of grain sales caused by the delay in listing. Operationally, wait and see.
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