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Corn market
As the COVID-19 epidemic situation improves, the downstream demand for corn continues to pick up. China’s corn supply is expected to tighten this year, and corn prices have continued to rise. The purchase price of corn in the main production areas risen. At the end of May, the average transaction premium was 170 yuan per ton, and in June wholesale prices continued to rise slightly, up 1.4% from the previous month and up 7.2% year-on-year.
Due to the global spread of COVID-19, the plunge in crude oil prices, and the sharp drop in ethanol demand, the international corn price has fluctuated and declined. The price of imported corn has been significantly lower than domestic prices. In June, the average FOB grade 2 yellow corn was up 5.3% month-on-month, but down 10.7% from February before the outbreak, down 19.8% year-on-year. China's cumulative corn imports were 2.77 million tons, up 16.0% year-on-year.
Soybean market
The global spread of COVID-19 has suppressed the demand for imported soybeans. In June, the average closing price of the main soybean contract of the Chicago Board of Trade (July 2020) was US$319 per ton, up 3.2% month-on-month, down 2.1% from February and down 2.1% year-on-year. In the first 5 months of the year China imported 33.88 million tons of soybeans, an increase of 6.7% year-on-year, of which 9.38 million tons were imported in May, an increase of 39.7% month-on-month and an increase of 27.4% year-on-year.
July 16, 2020/ Ministry of Agriculture and Rural Affairs/ China.
http://www.moa.gov.cn/
