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China Corn Prices Lower

18 Dec 2008

China's corn prices in major producing areas were lower in the week to Wednesday due to a sluggish demand, despite the government continuing purchases that began in late October.

Corn prices in Qinhuangdao in Hebei province were CNY1,340-CNY1,400 a metric ton, down CNY40 from a week ago.

Prices in Dezhou in Shandong province were CNY1,260-CNY1,400/ton, down CNY60-CNY100 from a week ago.

Most traders stayed on the sidelines amid expectations of weaker consumption and ample domestic supply.

The government's planned purchase of 10 million tons of corn since October hasn't been enough to absorb the excess supply out of the total of 156 million tons of estimated output this year, said analysts.

Industrial processing plants in Jilin province have cut their purchase prices for corn, along with grain reserve houses in the area, which have been cutting prices amid a supply surplus.

Corn prices are likely to fall further amid weak domestic consumption and falling global prices - which has made Chinese corn much less competitive in the international market - even if the government issues a corn export quota, China Corn Network said in a note.

 

Crop
Area
Yield
Produc-
tion
Imports
Exports
Total
Food
Feed
Ending
year
harvest
cons
use
use
stock
2000
23.100
4,589
106.000
50
7.000
120.000
27.000
93.000
81.364
2001
23.500
4,596
108.000
200
4.000
124.000
26.583
97.000
61.564
2002
24.115
4,976
119.992
800
3.800
125.090
25.977
99.113
60.468
2003
24.648
5,144
126.780
1.300
2.600
128.464
25.820
102.644
57.484
2004
25.427
5,312
135.066
1.600
2.400
136.700
25.326
111.375
55.048
2005
26.134
5,449
142.415
2.500
2.200
143.745
25.087
118.658
54.019
2006
26.569
5,589
148.483
3.200
2.000
151.478
24.657
126.820
52.224
2007
26.954
5,737
154.637
3.800
1.800
159.438
23.968
135.470
49.423
2008
27.455
5,869
161.144
5.000
1.600
166.785
23.335
143.451
47.182
2009
28.010
6,002
168.117
5.700
1.400
174.868
22.554
152.314
44.731
2010
28.665
6,126
175.607
6.500
1.200
183.053
21.768
161.285
42.585
2011
29.312
6,247
183.107
7.800
1.000
191.928
20.937
170.992
40.563

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