June 22, 2016

China unloads 1.14 million tonnes of corn reserves

China auctioned on Tuesday, June 21, 1.14 million tonnes of corn, which represented 57.55% of the total volume on offer, Reuters reported, citing an online statement by the National Grain Trade Centre.

The sold volumes came from state reserves and included corn imported in 2011 and 2012, as well as domestic corn produced in 2012, the statement said.

It said imported corn was sold at 1,700 yuan (US$258) per tonne, and the domestic corn at an average 1,565 yuan/tonne,

Last year, the average price of local corn in China was $358/tonne while that of the imported corn was $265/tonne.

China has ended its corn stockpiling scheme to reduce surpluses and allow markets to set prices or make domestic prices low enough to keep imports out.