CITIC Construction Investment Futures: Rumors of rice grain auctions and other factors are leading market sentiment, and the price range of the main corn July contract may further contract.

In the short term, the confluence of four bearish factors—rumors of rice grain auctions, increased new wheat supply, continued grain imports arriving at ports, and weak breeding demand—forms the current dominant market sentiment. The last line of defense for bulls is the trader’s willingness to hold prices and the support from spring planting costs. After the main July contract fell below the 60-day moving average, there is still some technical support around 2,365 yuan/ton, but the resistance at 2,450 yuan/ton has been fully tested. Future pullback limits are basically blocked, and the trading range center may be further compressed from the previous 2,375-2,450 yuan/ton to 2,320-2,400 yuan/ton. The market is waiting for the official implementation of rice grain auction plans and the formation of a new benchmark for new wheat purchase prices. (CITIC Construction Investment Futures)