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Affected by torrential rains in Brazil and pests in ArgentinaLooto4dThe main contract of CBOT corn futures rose 2% during Labour Day holiday.Looto4d.8%, domestic spot is weak, futures volatility is weak in the short term, may maintain interval operation in the medium term, long-term center of gravity or move down. 2407 contracts need to pay attention to the support effect of 2380-2400.

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Affected by the adverse weather, CBOT corn futures prices rose significantly during the Labour Day holiday

During the May Day holiday, due to torrential rains in Brazil and insect pests in Argentina, the price of corn futures on the Chicago Mercantile Exchange (CBOT) rose sharply on May 3 compared with April 30.Looto4d.8%, a strong increase indicatesLooto4dThere are concerns about the exports of Brazil, the world's second-largest corn exporter, and the production of Argentina, the world's third-largest corn exporter.

Corn prices in the domestic market are under short-term pressure and may still face downward pressure in the long run.

In the domestic market, during the May Day holiday, due to the weakening of buying and selling activities in the spot market, leading to the downward pressure on domestic spot prices, most of Jinzhou Port stopped purchasing on April 30. In addition, the current spread and futures price volatility is weak in the short term, although the futures midline or maintain the interval operation, but in the long run, the center of gravity of corn may still move down.

Operation suggestions pay attention to the support range of 2380-2400

For investors, it is important to focus on the 2380-2400 support effect of 2407 contracts. If the support is effective, corn prices may enter the midline range, while the upper pressure level needs to pay attention to the range 2430-2440. On the contrary, if it falls below the support effectively, it will further open up the downside.

The risk factors should pay attention to the rhythm of increasing reserves, the scale of imported grain and so on.

In the process of investment, the risk factors that need to be considered include the rhythm and scale of storage, the scale of imported grain, the intensity of policy grain auction and pig blight and other uncertain factors that may affect the price of corn.

Generally speaking, although corn prices are supported in the short term due to adverse weather, we still need to pay attention to the changes of supply and demand at home and abroad in the long run, especially China, as the largest importer of corn. Its market dynamics will have an important impact on global corn prices.