In addition to the rally in futures, spot corn prices are stronger after the holiday. Most bids are up 10-20 yuan per ton, with the largest increase being 60 yuan per ton.
Although farmer selling in the northeast has been faster than average, farmers are still estimated to have around 30% of their corn. Temperatures have been much higher than normal over the past week, with some areas over 8C higher than normal. The increasing temperatures should motivate farmers to sell this remaining corn fast...