Author: Darin Friedrichs

Spread Update

March/May corn has weakened as the March contract nears expiration. However, it still remains relatively firm at -25 yuan per ton compared to last year at this time when it was trading -133 yuan per ton. The May/Sept contract has continued to trade mostly sideways around a carry of 25 yuan per ton. Sept/Jan ’27… Continue reading Spread Update

Government allocates funding to winter wheat as crop faces challenges

Over the holiday period, the Ministry of Agriculture and the Ministry of Finance allocated 1.25 billion yuan to 11 provinces for work related to promoting the growth of weak wheat seedlings. The funds are allocated to provide additional applications of fertilizer and other “disaster prevention” work. Shanxi province also allocated 56.7 million yuan for fertilizer… Continue reading Government allocates funding to winter wheat as crop faces challenges

Futures Recap

Markets were relatively stable after reopening following the holiday. Corn futures hit a new contract high of 2350 and gave up some of the gains in the afternoon session. The soybean complex was relatively unchanged, even with the Supreme Court tariff announcement in the US. The Renminbi continues to rally against the US Dollar, reaching… Continue reading Futures Recap

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Corn futures firmer while market looks to auctions

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… Continue reading Corn futures firmer while market looks to auctions

Hog futures down sharply after holiday open as supply concerns remain

Hog futures were down sharply, with the March contract hitting 10,345 yuan per ton, down over 3.5%. The May contract was also down sharply into new contract lows on high volume and increasing open interest. Further out the curve, the September contract only fell 0.5%. Cash prices were relatively stable with light trade over the… Continue reading Hog futures down sharply after holiday open as supply concerns remain

Soybean shipments to China

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Weather conditions positive for winter wheat

Temperatures over the past week were 1-6C higher than normal, with some areas of the northeast seeing temperatures over 6C higher than normal. Winter wheat areas saw minor rainfall, with most of Henan province seeing 0.5-5mm of precipitation. Most areas saw higher than average sunlight, and soil moisture levels remain good. The forecast remains positive… Continue reading Weather conditions positive for winter wheat

Daily Comments – 2026-2-12

Chinese New Year holiday is next week, so there will not be the normal daily emails since markets will be closed and news flow will be limited. If there are any topics that you’re interested in having me research and write about, please feel free to reply with suggestions. I’ll be using next week to… Continue reading Daily Comments – 2026-2-12

Transport numbers; spread update; protein prices; futures recap

Passenger volumes fall, but freight rises in 2025 Data from the Ministry of Transportation showed an interesting divergence between volumes for businesses and consumers in 2025. Port volumes continued to show relatively steady growth, with the growth in foreign trade volumes slightly lower than in 2024, but the overall freight volumes still growing. Highway freight… Continue reading Transport numbers; spread update; protein prices; futures recap

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