December 29, 2010

China sells 14% of corn at auction

China's government sold 216,758 tonnes of corn, or 14% of the volume it offered, at an auction from state reserves Tuesday (Dec 28).

The volume sold was higher versus the previous week's auction, when the government sold 12% of a similar volume, the state-backed China National Grain and Oil Information Centre said.

The average price at Tuesday's auction was RMB1,879 (US$284)/tonne, up from RMB1,862 (US$281)/tonne last week.

Only 312 animal breeding and feed manufacturers nationwide are eligible to buy from the national corn reserves, according to the trading rules.

Corn starch and ethyl alcohol makers aren't allowed to participate in the auction.