Category: Commentary

USDA makes minimal changes to China balance sheets In the March WASDE report, the USDA increased its estimates for China’s barley imports to 11 million tons for 2025/26, up from 10.5 million tons previously. This also increased China’s feed use of barley from 8.7 million tons to 9.2 million tons. Cotton production was raised from… Continue reading WASDE; spread update; protein prices; futures recap

Soybean shipments to China Futures Recap Agriculture futures prices were lower across the board on Tuesday following the spike higher on Monday. No.2 imported soybeans have been very volatile with prices hitting limit-up on Monday morning, gapping lower in the morning session on Tuesday, and now have gapped higher in the evening session. Soybean meal… Continue reading Soybean shipments; futures recap

Chinese agricultural commodities were sharply higher to start the week. No.1 domestic soybeans reached their highest levels since 2024. The May contract had volumes of 518k, the highest since 2020. No.2 imported soybeans hit limit-up in the morning session, but pared gains in the afternoon sessions. Corn spiked higher in the morning but ended the… Continue reading Futures Recap

No.1 soybeans have been consolidating at their recent highs but were over 2% higher in the overnight session. No.2 imported soybeans also continue to rally, with prices up 1.6% during the day session, and another 1.7% in the evening session. Soybean meal prices were sharply higher in the day session and continued higher in the… Continue reading Futures Recap

Henan Cash Prices Futures Recap…   Subscriber content: Sitonia Consulting provides market intelligence on Chinese agricultural markets. For a free trial, please visit here or email info@sitoniaconsulting.com   Please login to view this page.

Spread update The corn forward curve remains in a slightly carry through September, but has much less of a carry than this time last year. May/Sept corn is higher after the holiday and at a carry of -13 yuan per ton compared to -44 yuan per ton this time last year. In soybean meal, there… Continue reading Spreads; price updates; futures recap

No.1 domestic soybeans fell on Tuesday after following the sharp rally during February. Cash markets followed futures higher, but there was not much trading activity, with buyers not being interested at the elevated prices. No.2 imported soybeans hit a new contract high for the May 2026 contract. 3600 yuan per ton has been a level… Continue reading Futures Recap

2025 statistical recap shows tech growth and demographic challenges The National Bureau of Statistics published its 2025 Statistical Communiqué, which provides a summary of a wide range of social and economic indicators. Economy GDP growth was 5.0% but slowed throughout the year. Q1 2025 saw growth of 5.4%, but this had slowed to 4.5% in… Continue reading 2025 statistics; futures recap

Protein Price Update Futures Recap Corn prices moved higher on Friday and were up nearly another 1% in the overnight session. Prices are at the highest level since July 2025 and are up 62 yuan per ton since resuming trading following the holiday….   Subscriber content: Sitonia Consulting provides market intelligence on Chinese agricultural markets.… Continue reading Protein price update; futures recap

No.1 domestic soybeans continued higher, reaching the highest level since May 2024. Corn futures were unchanged on Thursday with the market consolidating. The spot market has still been relatively slow to restart after the holiday, and there hasn’t been much news or market action to push futures higher or lower. Soybean meal is near the… Continue reading Futures Recap