China corn prices rise after rain and snow delay crop shipments

Corn prices in China are the highest in months after wet weather slowed harvesting and record energy prices increased grain drying and logistics costs, analysts and traders said.

New-crop corn futures on the Dalian Commodities Exchange rose nearly 9% last month to their highest since June, while the main cash markets in the east and south of the world’s second-largest corn consumer rose sharply in the last days.

“Rain and snow have delayed sales of the new crop to the market in Liaoning (province) in the northwest and northern regions, while logistics at Liaoning ports have been suspended due to bad weather,” said Meng Jinhui, senior analyst at Shengda Futures.

Spot corn in east China’s main grain consumption hub of Shandong province jumped to 2,890 Yuan ($451.81) per ton this week, from less than 2,650 Yuan earlier this month after heavy snowstorms hit northern and northeastern China, hampering crop shipments.

Source: Money Times

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