China's auctions to sell corn from government stockpiles haven't curtailed local prices in the main producing areas because of planting delays, the Securities Times reported today (May 11).

Even as the government has sold close to 3 million tonnes from stockpiles in four auctions since April 13, Dalian corn futures reached the highest price in almost two years yesterday, the report said.

The government has used 31 million tonnes of temporary corn stockpiles during 2009-2010 in northeast China. China Grain Reserves Corp., which stockpiles grains for the government, bought a total of 35 million tonnes in the 2008-2009 season, according to the report.

Many companies are now exploring ways to import corn amid persistently high local prices. More imports will come if the first cargo to arrive in June clears customs, the report added.