Category: Commentary

Sinograin reports corn large purchases in shortened week From May 6-9 (shortened week due to the May Day holiday), Sinograin had 8 auctions for corn, listing 78.9k tons. Only 15.4k tons were purchased. There were 14 rounds of purchases with a volume of 518k tons, and Sinograin purchased 506k tons, or 97.7%. Rotation auctions were… Continue reading Corn auctions; futures recap

Spring planting over half complete Planting of spring crops is over 50% complete as of May 11, according to the Ministry of Agriculture. This is slightly faster than last year’s pace. Planting completion by crop is 70% for corn, 20% for soybeans, and 20% for mid-season rice. Wheat prices flat as early harvest starts Wheat… Continue reading Planting progress; wheat harvest; futures recap

Grain purchases of autumn harvest 338 million tons, down 2% y/y Grain purchases from the 2025 autumn harvest have exceeded 338 million tons as of the end of April, according to the National Food and Strategic Reserves Administration. These purchases include 103 million tons of mid and late-season rice, 222 million tons of corn, and… Continue reading Grain purchases; protein prices; futures recap

The Renminbi continued to strengthen this week, hitting 6.80 to the US Dollar, the highest since March 2023. Corn prices continued to fall today on the discussion of sales of reserve rice. The decline has seen a fall in open interest as longs closed out positions. Urea futures also continued to fall. Prices had rallied… Continue reading Futures Recap

Corn futures were down sharply on Wednesday as trading resumed following the May Day holiday in China. The decline in corn futures was due to a rumor in the market that Sinograin would auction 17 million tons of old rice at very low prices to supplement feed grain supplies. This has been rumored for several… Continue reading Futures Recap

Henan cash prices Futures Recap

Urea futures were down today and gave back nearly all of yesterday’s gains. An article in Futures Daily noted today that “there is no possibility of urea exports being liberalized in the short term, and investors should be wary of the risk of a correction after expectations are not met”. The article went on to… Continue reading Futures Recap