December 26, 2007

China sells 39,751 tonnes of corn, 8 percent of planned

China sold 39,751 tonnes of corn from its state reserves Tuesday (December 25, 2007), or 8 percent of the 500,000 tonnes it planned to sell.

The average price of the corn was at US$238/tonne, said National Grain & Oil Trade Center in a statement published on its Web site, down from US$239/tonne last week.

This is the third batch of corn China sold after selling a total of 386,000 tonnes from the first two batches, or 39 percent of the 1 million tonnes it planned to sell.

Late last month, the China National Grain & Oils Information Center said the country will sell at least 2 million tonnes of corn to stabilize domestic feedmeal prices.