3.3477 million tons of corn will be put into storage this week.

China will auction 3.3477 million tons of temporary stored corn this week on Thursday and Friday, nine times higher than last week, of which 2.484 million tons came from Heilongjiang. In order to stimulate domestic corn consumption demand, China has also increased the subsidy for corn processing plants to 200 yuan per ton, which may help to increase the volume of turnover at this week's auction. By contrast, the auction held last month was slow because of higher government-set prices and weak domestic demand for corn.

The short-term supply of domestic oil and oil is tight since October last year, the import of domestic oil and oil has decreased significantly. According to customs statistics, from October last year to March this year, soybean oil imports were 197000 tons, down 69.18 percent from the same period last year; palm oil imports were 2.348 million tons, down 26.9 percent from the previous year; and rapeseed oil imports were 366000 tons, down 32.24 percent from the same period last year. Although the import of soybeans increased by 4.2% to 34.29 million tons, the total import of oil and oil decreased by 11.29%.

Domestic oil and oil gradually transition from oversupply in the early stage to basic balance between supply and demand or even tight supply. As oil imports fell, port stocks of soybean and palm oil fell to their lowest levels in recent months. As of April 30, domestic commercial soybean oil stocks were 624700 tons, down 382600 tons from the same period last year, while port palm oil stocks were 396200 tons, significantly lower than 1.1316 million tons in the same period last year. At present, the operating rate of port oil plants is at a historically low level of 45%, and the supply of oil is tight.