16.
10.20
08:46

Fear of supply shortages in China speculation should be contained

China's Agriculture Minister told the press today that the acreage for corn in his country is basically stable and that the harvest is expected to be a little larger than last year, despite three typhoons in the northeast of the country in the past few weeks.
The ministry is trying to curb speculation on higher prices. Corn prices rose to record highs on the Dalian derivatives exchange yesterday.
A spokesman for the ministry claims that the maize yields should be good despite the storms. China's corn harvest would be even bigger than last year.
While the new harvest is now pushing onto the market and corn and alternative feed raw materials are being imported at the same time, the current supply bottleneck will probably be lifted in the coming weeks. Then speculation on the futures exchange could also be ended.
In addition, officials at the Ministry of Agriculture are working to allay fears of wheat and rice supply shortages. The offer of basic foods is "fully guaranteed" it says.
Physical wheat prices are up 4% so far this year. The supply of vegetable oils is also safe because China has secured access to US soybeans. In addition, pork prices are not expected to rise further in the fourth quarter of 2020. Imports and modern and new fattening systems in the country should ensure the supply of the population.

Source
Hansa Terminhandel GmbH
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