In China, corn is becoming scarce and expensive

The prices of the corn futures on the Chinese derivatives exchange in Dalian reached a new record high today. Investors are betting on higher prices for the coarse grain because there was crop damage after several typhoons. Beijing has also been successful in reducing its formerly high government corn stocks in recent years.
The corn future, due in January 2021, was quoted at the daily high of 2,566 yuan or the equivalent of € 324.4 / ton.
China's corn harvest is expected to be smaller this year because of frequent storms that reduced yields. The north-east of the country, where most of the corn cultivation takes place, was particularly hard hit.
The country's huge national corn stocks have been almost completely depleted in recent years. In addition, farmers in Heilongjiang Province grew more soybeans instead of corn due to a drought.
Dealers, operators of drying systems and end consumers are looking for maize from the maize harvest that is just starting. It appears that all market players expect higher prices as the season progresses. In the provinces of Shandong, Hebei and Henan, where a lot of corn is grown, prices are already rising.
The new harvest is currently at least 30% more expensive than in previous years.

Hansa Terminhandel GmbH
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