Corn futures slide as China, Australia resume trade talks
Corn futures in China slipped on Monday despite a wider bullish board as top trade officials from China and Australia expressed the willingness to resume talks since the relationship soured in 2019.
This could potentially open up barley and sorghum trades from Australia to China which have been halted since 2018.
The main corn futures contract on Dalian Commodity Exchange (DCE) fell nearly 2% on the day to touch the lowest level since late December 2022.
In addition, large corn cargo arrivals in China this month and poor demand from feed producers added bearish pressure to the curve.
On the contrary, edible oil futures in China were in a bullish tone on Monday as Indonesia is rumored to consider lowering exports this year and increasing domestic supply.