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December 2, 2008

 

China to buy additional 5 million tonnes of corn to boost prices

 

 

China's state reserve houses will buy an additional 5 million metric tonnes of corn from the major producing areas in the northeast to support local prices, said an industry participant Tuesday (December 2).

 

State Administration of Grain and China Grain Reserves Corp. issued joint statement to their local branches Monday night to buy more soy and paddy as well, said Liu Zhaofu, general manager of Longma Consultation, a Heilongjiang-based soy consultancy firm.

 

The government has been buying corn, soy and paddy from major producing areas to prevent a further fall in domestic grain prices, which were plagued by a bumper domestic harvest and tumbling global commodity prices.

 

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