January 2, 2008

China sells 34,396 tonnes of corn from reserves; 7 percent of target

China sold 34,396 tonnes of corn from state reserves on Wednesday (December 26, 2007), or 7 percent of the 500,000 tonnes it planned to sell.

The average price of the corn was US$238/tonne, said the National Grain & Oil Trade Center in a statement published on its Web site, slightly lower than US$239/tonne last week.

This was the fourth batch of corn to be sold after selling a total of 425,751 tonnes in three batches, or 28 percent of the 1.5 million tonnes it planned to sell.

In late November, China National Grain & Oils Information Center said the country would sell at least 2 million tonnes of corn to stabilize domestic feedmeal prices.