January 11, 2008

China holds second corn auction of 2008

China's authorities decided to auction 500,000 tonnes of national corn reserves at the Anhui Grain Wholesale Market on January 8th.

Shanghai Municipality will purchase 150,000 tonnes of corn, while Sichuan, Guangdong and Guangxi Zhuang Autonomous Region buying 80,000 tonnes each.

This is the fifth national corn reserves auction since the beginning of December 2007 and the second national corn reserves auction in 2008.

The most recent corn auction on Jan 2 have showed lacklustre demand and lower prices indicating slow recovery in the pork production sector.

China corn auctions