October 29, 2019 / 3:55 AM / a month ago

China's corn futures rise on better-than-expected demand, bad weather

BEIJING, Oct 29 (Reuters) -

* China’s corn futures rose by their most in almost seven months on Tuesday, with traders and analysts saying better-than-expected feed demand for the grain and snowy weather in the main production region supported prices

* The most actively traded corn futures on Dalian Commodity Exchange rose 1.25% to 1,859 yuan per tonne, their biggest daily gain since April 4

* “The physical market (of) corn is stronger than pessimistic expectation previously,” said Meng Jinhui, senior analyst at Shengda Futures

* “Transporting fees also rose due to strict inspection on overloading, while snows in Heilongjiang might also restrict corn volume in short term,” Meng added

* A year-long African swine fever disease in China has significantly curbed consumption for key feed ingredients including soymeal and corn

* However, farmers move to raise fatter pigs to cash in on soaring pork prices has supported demand recently (Reporting by Hallie Gu and Dominique Patton; Editing by Aditya Soni)

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