Grain prices are experiencing strong downward pressure as China’s fall harvest arrives, Dim Sums reported, citing local media. Early-harvested spring corn from Shaanxi and Xinjiang is selling for less than RMB2,000 (US$313.31) per metric ton, with Chinese futures prices for January corn trading well below RMB1,950. But one calculation by an industry publication estimated the cost of US corn arriving in China at RMB1,593, down RMB119 from a year ago. China’s wheat market is also under pressure, with even the price for relatively scarce high-quality wheat falling due to weak demand. For more on China’s grain support price policies, see CER’s in-depth report.
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