In November, there was a significant decrease in the auction volume of policy grain and a noticeable increase in the amount of incoming goods

In November 2024, the domestic temperature was not conducive to the storage of grain sources. Grassroots growers and traders accelerated the pace of grain sales, increasing the circulation of grain sources. Policies clearly increased storage, and central storage warehouses vigorously purchased. Grain consuming enterprises had limited ability to digest tidal grain and continued to purchase according to demand. Market demand was difficult to bear the pressure of increasing quantity, suppressing price fluctuations and weakening. The national average spot price fell by 0.65% month on month.

The number of domestic reserve corn auctions in November 2024 decreased compared to the previous month, while the purchase quantity of reserve corn increased significantly, resulting in a slight increase in transaction rate compared to the previous month. According to statistics, from November 1st to November 30th, 2024, China Grain Reserves Network conducted a total of 37 bidding sales transactions for reserve corn, with a planned sales quantity of 419595 tons and an actual transaction quantity of 211795 tons, with a transaction rate of 50.48%.

From November 1st to November 30th, 2024, China Grain Reserves Network conducted a total of 108 corn bidding procurement transactions, with a planned purchase quantity of 2616684 tons and an actual transaction quantity of 1566160 tons, with a transaction rate of 59.85%.

From November 1st to November 30th, 2024, China Grain Reserves Network conducted a total of 11 two-way bidding transactions for corn purchase and sale, with a planned transaction quantity of 215254 tons and an actual transaction quantity of 151048 tons, with a transaction rate of 70.17%.

From November 1st to November 30th, 2024, China Grain Reserves Network conducted a total of 0 one-time reserve corn sales, with a planned sales quantity of 0 tons and an actual transaction quantity of 0 tons, resulting in a transaction rate of 0%.

From November 1st to November 30th, 2024, China Grain Reserves Network conducted a total of 0 one-time reserve corn purchases, with a planned purchase quantity of 0 tons and an actual transaction quantity of 0 tons, resulting in a transaction rate of 0%.

From November 1st to November 30th, 2024, China Grain Reserves Network conducted a total of 11 competitive bidding sales transactions for imported corn, with a planned sales quantity of 3163656 tons and an actual transaction quantity of 1617635 tons, with a transaction rate of 51.13%.

Affected by the increase in mold and toxins in the new season of corn in China, grassroots farmers in the Northeast production area are more active in selling grain, and the sales progress of new corn has accelerated year-on-year, leading to a rapid decline in prices. In late November, the signal of policy support was gradually released, and China Grain Reserves Corporation launched corn storage and purchase plans in Heilongjiang, Xinjiang, Lanzhou, and Inner Mongolia. The purchase network and scope were further expanded, which is conducive to alleviating supply side pressure and supporting corn prices. With the gradual decrease in the amount of imported corn, auction pressure is gradually easing, which also supports the spot price of corn. It is expected that the subsequent pace of corn storage and auction by China Grain Reserves Corporation will continue to affect the market trend.