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China's corn futures fell into a bear market, with the main January 2026 contract breaking below 1,800 yuan per tonne, about 30% below its March high. State reserve purchase prices were cut to 1 yuan per jin in September, the first cut in seven years, and an October auction of over one million tonnes failed to sell.
Analysts estimate a surplus of more than 50 million tonnes, while lower corn costs are seen supporting starch-sugar margins.
A persistent domestic corn surplus in China weighs on feed grain and meal demand pricing and keeps import needs low, while cheaper starch feedstock shifts processing margins toward sugar substitutes and ethanol.
nongxun.netNov 15, 2026Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
