On January 18, according to the market chart, today, the price of the main contract of corn 2303 "opened low and went high", rising slightly, as of the close, the price of corn per ton rose by another 15 yuan, approaching 2900 yuan / ton, closing at 2899 yuan / ton. Today, the price of the main contract of corn 2303 did not fall, but continued to rise, what is the reason for this?
For this problem, Xiaobian believes that today, the price of the main contract of corn 2303 has not fallen, but continues to rise, for many reasons.
First of all, in recent days, international oil prices have risen further, making the substitution of alcohol products continue to "enhance", thereby boosting the price of corn.
According to the market chart, from January 13, as of 15:35 on January 18, the price of Brent crude oil rose by $2.77 / barrel, an increase of 3.29%, and the price of U.S. crude oil rose by $2.73 / barrel, an increase of 3.48%.
Recently, due to the continuous rise in international oil prices, the price of ethylene glycol 2305 main contract has also risen. According to the market chart, from January 13, as of January 18, the price of ethylene glycol 2305 main contract increased by 108 yuan / ton, an increase of 2.50%.
As we all know, the main raw material for the manufacture of alcohol products is corn, so recently, the price of ethylene glycol 2305 main contract continues to rise, which will inevitably boost the price of corn.
Secondly, recently, the cost of imported corn from the mainland has "rebounded", not only reflected in the continuous rise in the price of the main contract of US corn 03.
According to the market chart, from January 10, as of 15:44 on January 18, the price of the main contract of U.S. corn 03 rose by 34.03 cents / bushel in six trading days, an increase of 5.22%.
In addition, the offshore renminbi has also continued to depreciate against the US dollar in recent days. According to the market chart, from January 16, as of 15:47 on January 18, the offshore RMB exchange rate fell by 699 points in three trading days, that is, the US dollar appreciated by 1.04% relative to the offshore RMB.
That is to say, recently, the continuous appreciation of the US dollar against the renminbi, as well as the sharp rise in the price of the main contract of US corn 03, are the main factors that have promoted the "recovery" of the cost of imported corn in the mainland, thereby boosting the price of the main contract of corn 2303.
Finally, today, the price of the main contract of soybean meal 2305 not only "opened high and went high", but also swallowed the "decline" of the previous two days, and also updated the previous high.
Today, the price of the main contract of soybean meal 2305 has risen sharply, which has made the substitution of corn "enhanced", and it will inevitably make the price of the main contract of corn 2303 continue to rise.
Therefore, Xiaobian feels that today, the price of the main contract of corn 2303 has not fallen, but continues to rise, mainly because of the combination of these factors. What do you think about this, and is it consistent with the editor's view?