November 24, 2010

Demand constant at China weekly corn auction

The Chinese government sold 23% of the 1.5 million tonnes of corn reserves offered at a regular auction Tuesday (Nov 23), the same level of demand as with last week when the similar volume was auctioned.

The average auction price Tuesday was RMB1,907 (US$287)/tonne, up from RMB1,858 (US$279)/tonne last week, according to the state-backed China National Grain and Oil Information Centre.

Grain authorities have been releasing corn from stockpiles in weekly auctions to stave off price increases.