November 26, 2007

Corn prices to stay stable at current high levels in China

China's corn prices will likely remain stable at current high levels after the ongoing new harvest, said the State Grain Administration on Friday (November 23, 2007).

The country's corn output this year will be higher than last year, while consumption will continue to grow steadily, said the administration in a statement published on its Web site.

China will encourage state-owned companies to purchase corn actively to guarantee future supply, it said.

The government will also fill its reserves to make sure the supply of grain and edible oil is sustainable, it added.

China's corn output this year is estimated to total 148 million tonnes, up from 145 million tonnes last year, said China National Grain and Oils Information Center earlier this month.