Головна Horticulture Grain China corn prices rise as bad weather delays crop shipments

China corn prices rise as bad weather delays crop shipments

Corn prices in China have pushed to multi-month highs despite the advancing harvest after wet weather slowed crop collection just as record energy prices pushed up grain drying and logistics costs, reports ProAgro Group citing Reuters.

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

Liaoning produces 7% of China’s corn and is home to ports that distribute the grain from other northeastern provinces, including Heilongjiang, the biggest producing province.

Corn prices are also supported by the rising costs of harvesting and drying the new crop, the country’s agriculture ministry said in its monthly crop report this week.

China’s grain drying towers are mainly coal fuelled. Some of the facilities have shut in recent weeks because of record coal prices and to comply with government orders to reduce consumption.

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