January 29, 2008

China's corn auction reaches 11.8 percent of target

China sold 59,000 tonnes of corn from state reserves Tuesday (January 29, 2008), or 11.8 perent of the 499,800 tonnes it had planned to sell, the National Grain & Oil Trade Centre said.

The average price was RMB 1,752/tonne (US$ 243.45), it said.

Including this sale, the government has sold 611,430 tonnes of corn from its state reserves since December, or 15.3 perent of its planned 4-million-tonne sale aimed at stabilising domestic feedmeal prices.