August 2, 2010

China's corn imports keep domestic prices in check

China's National Development and Reform Commission (NDRC) said Friday (Jul 30) that corn imports will help curb soaring corn prices.

Domestic corn prices were higher than abroad this year, the NDRC said. The high corn prices were triggering concerns about speculation, given that such activity had led to unusual price soars in mung beans and garlic this year.

The regulator will strengthen inspections on the corn market and release more state reserve corn into the market in due time to keep sufficient supply, according to the statement.

In June this year, China imported 64,500 tonnes of corn, 12 times more than in May.

The corn imports will not harm Chinese corn growers given the low ratio of imports, the NDRC said.