China's huge grain inventory, increased corn planting area, US corn

Introduction: Chicago, March 15 news: on Friday, the U.S Department of Agriculture announced that private exporters exported 120000 tons of U.S corn to unknown destinations in 2001 / 02 In addition, Taiwan bought 55000 tons of American corn Export demand is so strong, but the performance of US corn market is not so good Commodity funds such as rife, tengke and O'Connor, which originally hold nearly 40000 clearance orders, have sold short one after another Corn closed down In May, corn fell two cents to $2.0575 per bushel, just a step away from the contract low of $2.055 Forward corn contracts hit a new low For example, corn futures fell to a low of $2.265 in December and closed slightly higher at $2.2675 So what's the reason for the decline of US corn market? On Friday, Chinese Prime Minister Zhu Qiji revealed that China's grain stocks reached 250 million tons, compared with 200 million tons, or 50 million tons, according to data provided by Chinese officials to Reuters in May last year, market sources in Chicago said Such a large inventory is obviously not conducive to China's import demand Although China has set an import quota of 5.85 million tons for corn import this year, recently China has not only cancelled 720000 tons of American corn purchased last year, but also increased the export intensity Dalian Huaxing company has continuously exported corn to South Korea, which cannot but worry American dealers In addition, sparks, the industry's most concerned forecasting agency, estimated that the corn planting area in the United States will reach 78.932 million acres in 2002, an increase of more than 3 million acres over 75.8 million acres last year This is in line with the general expectations of the industry In the United States, due to the relatively lower loan rate of soybean in the new agricultural law, the attraction of soybean planting is reduced, which also improves the attraction of corn planting to some extent As a result, forward contracts remain depressed Iry (author:) to feed Weibo to: