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Thanks to Obvious Price Advantage of Temporarily-stored Corn, the Trading Rate Reached up to 89%

China Agriculture Report By CnAgri2018-04-17 15:44:44China Agriculture Report Print On April 12th and 13th, northeast planed to auction 6.68 million MT of corn. The actual trading volume was 6.42 million MT at an average trading price of RMB 1,450/MT, and the trading rate reached up to 89%.
Trading prices of corn auctioned were RMB 150-200/MT less than current market prices, which is more attractive to further processing companies. Owing to relatively poor quality of grain with a long storage time, the number processed into feed is relatively limited; however, further processing companies can mix long-stored grain with new-season grain, which can make the costs decrease by RMB 150/MT, so further processing companies are actively participating in auction.
On April 19th and 20th, 7 million MT of temporarily-stored corn still would be auctioned. Current stocks of temporarily-stored corn still is upward of 150 million MT. If 7 million MT of corn is auctioned every week, it will bring certain pressure on market. 
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