gunsbetcasino| Henan wheat harvesting speeds up: Xinhecheng corn purchase price increased by 10 yuan/ton, U.S. soybean sales dropped by 15.7% year-on-year

News summary

Henan's wheat harvest is progressing slightly faster than last year, butgunsbetcasinoHeavy rainfall in other provinces may affect harvesting. Corn prices in Northeast China rose, and companies such as Heilongjiang and Jilin Xinhecheng raised prices. Rice transplanting in Heilongjiang is nearing completion. U.S. soybean sales decreased year-on-year, and exports to China were blocked. The vegetable oil market may adjust in the short term, but there is still potential for growth in the medium term.

Newsletter text

[The wheat harvested area in Henan Province exceeds 4 million acres, and the risk of dry and hot wind is high in the central and eastern wheat areas] As of May 23, Henan Province has harvested 4.05 million acres of wheat, accounting for 4.05 million acres of the province's planting areagunsbetcasino.75%。Wheat harvesting work in Nanyang, Zhumadian, Xinyang and other places in Henan has started. On May 24, the central and eastern wheat areas faced the risk of dry and hot winds; precipitation on the 25th and 26th may have an adverse impact on wheat harvests in southern Henan, and short-term heavy rainfall and windy weather may occur in some places, causing wheat to lodge. [Many companies in Northeast China raised their corn purchase prices] On May 24, many corn deep processing companies in Northeast China raised their corn purchase and listing prices. Heilongjiang Xinhecheng (002001) bio-corn listing price was raised to 2318 yuan/ton, an increase of 10 yuan/ton; COFCO Biochemical (000930)(Yushu) Company corn purchase price was 2310 yuan/ton, an increase of 20 yuan/ton; Jilin fuel ethanol corn purchase price is 2330 yuan/ton, which is also increased by 20 yuan/ton. [The rice transplanting progress in Heilongjiang Province exceeds 92%, and it is expected to be completed on May 25] According to agricultural conditions, the rice transplanting progress in Heilongjiang Province has exceeded 92%, and is currently in the final stage. Compared with the same period last year, the progress is 11.2 percentage points faster. It is expected that by May 25, the rice transplanting work in Heilongjiang Province will be completed. [Total U.S. soybean sales in 2023/24 decreased by 15.7% year-on-year] As of May 16, total U.S. soybean sales in 2023/24 were 42.88 million tons, a decrease of 15.7% from the same period last year. Among them, total soybean sales to China were 23.84 million tons, a year-on-year decrease of 23.3%. [The vegetable oil market may return to domestic "weak reality" in the short term, and there is room for upside in the medium term.] At present, the bullish factors in the vegetable oil market have been priced by the market, and there is insufficient momentum for continued growth. In the short term, the market may return to the domestic "weak reality" trading pattern. However, driven by macro policy shifts and favorable industry fundamentals, there is room for further growth in the vegetable oil market in the medium term.