August 21, 2009
China to sell more corn next week after volume up this week
China government plans to sell 500,000 tonnes more corn next week than in previous regular auctions, following an increase in sales volume this week.
The government will offer 2.5 million tonnes of corn from its reserves on Tuesday (Aug 25) next week, according to a statement published on the China National Grain and Oils Information Center Web site.
It sold one million tonnes this week, half of the two million tonnes it offered to sell, and the highest weekly volume sold since the auctions started July 21.
The government needs to sell part of its 35 million tonnes of reserves to make room for new corn ahead of the harvest that starts in October in major northeastern producing areas.
So far it has sold only 4.24 million tonnes of corn out of the 10 million tonnes it has offered.
The government plans to sell 500,000 tonnes of soy as usual during next week auction on Wednesday (Aug 26).
