April 27, 2009
China likely to release corn reserves soon
With the current stockpiling plan to be completed by the end of the month, the Chinese corn market expects the government to release its reserves soon, according to the China National Grain and Oils Information Centre (CNGOIC).
The centre said most enterprises surveyed had agreed that the government would sell its corn reserves to maintain a steady supply after farmers in the northeast sold their harvests.
Meanwhile, China increased its purchases of US soy over the past week amid worries of declining supplies from Argentina, the world's third-largest exporter. The centre said this buying momentum is expected to be maintained over the coming weeks.
China's soyoil market stayed bullish after prices rose amid light trading while domestic soymeal supply increased following heavy imports of soy.
