Chinese feed mills have reduced corn use in June, shifting rations toward newly harvested wheat and other substitutes after new-wheat arrival prices ran about 70–80 yuan/ton below corn. Mills also turned to malted barley, imported barley and sorghum, and rice streams where available, cutting corn’s share in formulations.

Despite heavy bearish pressure — new-crop competition, steady state auction volumes and weak livestock demand — spot and futures prices stayed narrowly ranged. Northern port quotes sat at 2,330 yuan/ton for nearly two weeks. Regional port prices reported: Jinzhou 2,340; Weifang 2,430; Shekou 2,430 yuan/ton. Dalian c2607 futures traded mostly between 2,322–2,333 yuan/ton in June, touching 2,346 mid-month before easing about 30 points.

Auctioning of imported corn has been active: June 5 first sale 155,000 t (92% sold), June 9 203,000 t (94%), June 16 201,000 t (100%), and June 23 212,600 t (67%). The auction cadence is set at two sales per week through September, with an estimated 6.5 million tonnes to be released by end-September.

Operational signals: Shandong deep processors saw arrival trucks fall to 143 on June 12; processors briefly raised farm-gate bids from 1.189 yuan/jin (≈2,378 yuan/ton) to 1.202 yuan/jin (≈2,404/t) then eased to 1.195 yuan/jin (≈2,390/t). Northern four-port inventories fell from 3.129 Mt on May 29 to 2.846 Mt on June 12, with weekly discharge rising to 418,000 t. Traders report a cost floor near 2,300 yuan/ton and are reluctant to sell below about 2,330, limiting downside despite weak demand and low deep‑processing run rates.