January 8, 2008

China Grain Reserve Corp buys four million tonnes locally-produced corn

China Grain Reserve Corp had recently purchased locally-produced corn from Jilin (1.45 million tonnes), Heilongjiang (0.85 million tonnes), Inner Mongolia (0.7 million tonnes) and Liaoning (1 million tonnes).

According to traders, the state-owned grain company had offered RMB1,380-1,420/tonne to farmers in this four-million-tonne  corn purchase, which was slightly lower than official government quotes of RMB1,480-1,520/tonne but closer to spot prices in the market.

RMB1=US$0.1375 (Jan 8)