Cash corn prices in Dalian were 9 yuan per ton below futures on Friday, compared to -74 yuan per ton at this time last year.
Basis in the southern port of Guangzhou is also elevated at around 100 yuan per ton, compared to 43 yuan per ton last year.
The prices remain in gridlock with little to move the market sharply in either direction. Farmer selling due to the Chinese New Year holiday and rising temperatures has mostly finished which will limit the amount of new supply coming onto the market.
At the same time, demand remains lackluster as companies have sufficient stocks and industrial margins are under pressure.
On Monday, the hog-to-corn price ratio remains depressed at just 5.3:1.
Government sales of rice stockpiles could put downward pressure on the market, but this rumor has been circulating for some time and is likely priced in.