crashbandicoot4nintendoswitch| Changes in supply and demand in the corn market: April USDA data and deep processing consumption trends

Newsletter summary

USDA global April supply and demand report showed that corn production decreased month-on-month, consumption increased, and ending inventory decreased. Domestic spot prices declined, deep processing consumption increased, and feed enterprise inventory increased. The price of wheat is higher than that of corn, the price of corn is stable in the short term and bearish in the long run, so we need to pay attention to the expected risk of consumption.

Text of news flash

[the global supply and demand pattern of corn is nearly strong and far weak] according to the U.S. Department of Agriculture (USDA).Crashbandicoot4nintendoswitchApril global supply and demand report, global cornCrashbandicoot4nintendoswitchThe opening inventory increased by 570000 tons over the previous month, but decreased by 8.6 million tons compared with the same period last year. In terms of production, the output of 1.22786 billion tons was lower than that of the previous month, but still increased by 70.12 million tons over the same period last year. Consumption also showed a downward trend, with 1.19865 billion tons down 800000 tons from the previous month, but an increase of 39.7 million tons over the same period last year. The final inventory was 318.28 million tons, a decrease of 1.35 million tons from the previous month and an increase of 16.09 million tons compared with the same period last year, indicating that the current market supply is tight, but the potential supply pressure in the future. With the gradual flow of natural dry grain into the market in Northeast China, the trading of tide grain is basically over. Deep processing enterprises began to increase the purchase of dry grain, and the increase of directly affiliated storage sites in Northeast China has also provided some support for prices. However, the corn market in the sales area is still weak, and the sluggish coastal demand coupled with the downturn in futures prices has led to a further decline in the quotation confidence of port traders, and the transaction situation appears to be light. The consumption of deep processing of corn continues to grow. The total amount of corn processing in China has reached 68.Crashbandicoot4nintendoswitch. 270000 tons, an increase of 20, 000 tons over last week. At the same time, the national output of corn starch has also increased by 0. 5%.Crashbandicoot4nintendoswitch. 760000 tons, reaching 359100 tons. The weekly opening rate of corn starch across the country is 71.00%, up 1.5% from the previous month. In terms of inventory, as of April 18, the average inventory of feed enterprises across the country was 30.14 days, an increase of 0.25 days over April 4, an increase of 0.83% month-on-month and an increase of 3.31% over the same period last year. At the same time, the price of wheat, a substitute for corn, is 335 yuan / ton higher than that of corn. The average domestic price of corn is 2360 yuan / ton, while the average price of wheat is 2695 yuan / ton. This price difference may lead feed companies to consider using more wheat as a substitute when purchasing decisions. From the perspective of supply, the listing of natural dry grain in Northeast China has brought about an increase in circulation. On the demand side, the inventory of deep processing enterprises varies, feed enterprises purchase mainly on demand, and some enterprises begin to import grain at low prices. Corn prices are expected to be stable in the short term, while the market outlook may be bearish in the long run. In terms of market strategy, the recent bottom of corn prices showed a slow upward trend. However, investors still need to pay attention to whether consumption meets expectations, which will be an important factor affecting the future trend of corn prices.