September 29, 2010

China sells 37% of corn reserves

China's government sold 37.2% of one million tonnes of corn reserves offered at a regular auction Tuesday (Sep 28), up slightly from last week, the state-backed China National Grain and Oil Information Centre said.

The average auction price was RMB1,633 (US$244)/tonne.

Corn demand in China has steadily risen as shortages hit high-consumption areas ahead of the new crop next month.

The government sold 35% of a similar volume of corn last week, at RMB1,617 (US$242)/tonne.