March 10, 2009
China to buy 10 million tonnes of corn for reserve
China will buy 10 million tonnes of corn in major producing areas for state reserves in order to stabilise grain prices and protect farmers' interest, according to the latest report by the State Administration of Grain.
The proposed corn purchases will be made before the end of April, and will consist of one million tonnes from the Inner Mongolia Autonomous Region, two million tonnes from Liaoning province, five million tonnes in Jilin province and two million tonnes in Heilongjiang province.
The reserve corn will be sold on wholesale markets or online by open tenders at a suitable time, the report said.
