July 17, 2003

 

Firm Prices For Corn Auction In Heilongjiang Province, China

 

Corn prices at the auction held in China's Heilongjiang province were generally above the floor prices originally set for the auction, local traders in Heilogjiang said Wednesday.

 

"The corn were sold at a very high prices, with the range between RMB940-970 a metric ton," said a local grain trader participating in the auction Wednesday.

 

He said the Heilogjiang Grain and Oils Wholesale Market, which is conducting the auction, had set the floor price at RMB800/ton.

 

The auction will continue Thursday, offering a total of 1.50 million metric tons of old corn from state-owned warehouses. All of the corn was produced before 2001, said the trader.

The amount of corn sold Wednesday was not known yet, he said.

 

Wednesday, medium quality corn in Northeastern China were quoted between RMB940/ton and RMB1,010/ton. China holds grain auctions every year to rotate government-held old grain stocks, to prepare room for new crops.