According to the Commodity Market Analysis System of SunSirs, the domestic wheat market prices continued to decline weakly in April 2024. On May 1st, the average price was 2,616.00 RMB/ton, and on May 31st, the average price was 2,522.00 RMB/ton, a decrease of 3.59% within the month.

In May, wheat entered the market sporadically in some regions, with sufficient expectations for a new season of high yields. Grain trading entities began to cash out, and after the listing of new wheat, trading entities shifted their focus to new wheat trade. The overall purchase and sales of domestic aged wheat trade weakened. In addition, the previous policy of continuously releasing wheat into the market circulation link resulted in a seamless connection between new and aged wheat. The overall supply of domestic wheat market became increasingly loose, and downstream flour demand remained sluggish. After completing the acquisition task, flour enterprises lowered their wheat purchase prices, and the domestic wheat market continued to operate weakly under pressure.

In late May, the market volume of new wheat continued to increase, with prices opening lower and trading more cautiously. Central reserve wheat stopped auctions, local reserve wheat auctions continued, policy wheat continued to be released, and demand for terminal flour continued to be sluggish after summer. Market supply continued to increase, and wheat market prices continued to operate weakly under pressure.

In April 2024, China imported 1.95 million tons of wheat, a year-on-year increase of 15.7%; From January to April, China imported a total of 6.24 million tons of wheat, a year-on-year increase of 3.4%. The continuous arrival of imported wheat at the port also exerts certain pressure on the domestic wheat market prices.

The wheat analyst from SunSirs believes that there are many negative factors, and it is expected that the domestic wheat market prices will continue to maintain a stable, moderate, and weak operating trend in June.

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