Corn wholesale price averaged RMB1,737/MT on June 11, down 0.31% from the week before.
Subject to falling broiler and egg layer inventory and low proportion of big hogs in hog inventory, corn consumption for feed use went down in June, having a pressure on corn price.
As wheat is cheaper than corn by RMB100/MT, livestock farms use wheat to partly replace corn as feed.
The only factor propping up corn price is farmers’ reluctant sales of corn. As farmers expect higher corn prices, feed mills have difficulty procuring corn at present.
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