November 16, 2009
China's corn procurement seen on the rise in November
Corn prices in China are seen on the rise in November as procurements are likely to increase in the same month, according to a forecast by the China National Grain and Oils Information Centre (CNGOIC) on Friday (Nov 13).
According to CNGOIC, corn prices are likely to fluctuate moderately in November due to recovering supply and mass purchases.
However, the corn production reduction in the northeastern region and high expectation for the government's stockpiling scheme will help to stabilise the market sentiment.
Meanwhile, CNGOIC predicted that the purchase market would pick up after the government announces its reserve policy.
In order to stabilise the corn market, China bought 40 million tonnes of corn for state reserve last year, which accounted for about 24 percent of that year's total output.
