March 29, 2016

China will grant its market some autonomy to determine local corn prices as it ends its nine-year old stockpiling programme.

In its place, there could come into effect a new state corn price policy that would keep local prices to be on par with world prices, a way to curb imports into the country, a senior official said.

Additionally, the government will subsidise corn farmers and will not be stockpiling from autumn this year, according to a report by Inner Mongolia Television. No official statement regarding this matter has been released so far. 

Following Chinese corn stocks reaching a record high of more than one year of the national consumption, the market witnessed a series of draft reforms over the last few months.