Jintou.com
last Friday night,cornThe main futures contract 01 fluctuated and consolidated, with an increase of 0.43%. In early trading today, corn futures continued their upward trend. As of press time, the main 2301 contract rose by more than 1%.
Argentina’s corn planting has come to a near standstill as the early corn planting window closes, according to a weekly report from the Buenos Aires Grain Exchange (BAGE). As of the week ending November 16, 2022, Argentina’s 2022/23 corn planting progress was 23.6%, which was only 0.2% higher than a week ago, and 5.6 percentage points lower than the same period last year.
In the domestic market, according to the estimates of relevant agencies, a total of 21.89 million tons of corn will be imported in China in 2021/2022, a decrease of 7.67 million tons or 25.94% from 2020/2021; corn imports will continue to decline to 18 million in 2022/2023 tons, which will make the domestic corn supply tight and balanced for three consecutive years.
Guosen Futures believes that the pressure on new crop listings that the market was worried about before has not been too obvious. On the one hand, due to the impact of the epidemic on transportation, the increase in planting costs has increased farmers’ reluctance to sell, and the Jilin area encourages stacking storage, the listing pace is slow. On the other hand, the Northeast The output of production areas has declined, while the stocks of grain-consuming enterprises are low, and there is a certain motivation to rush for grain to maintain quantity. It is expected that the continuation of this pattern in the later period will weaken the pressure on listing and limit the room for spot adjustment.
Looking forward to the market outlook, Dayue Futures said that there is a strong sentiment of reluctance to sell new grains. This year’s grain delivery window is significantly shorter than in previous years. It is worth paying attention to the short-term excess supply caused by the centralized listing; the purchase of grain by traders and deep-processing enterprises has increased, pushing up Prices are going up; the overall stock of live pigs has increased, and the pace of slaughter has slowed down, which is good for price increases; deep processing stocks are stable, profit growth is slowing down, and the room for price rises is narrowing. Corn 01 contract is recommended to operate in the range of 2800-2831.
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