August 3, 2011
China sold 52% or 18,099 tonnes of corn from the 34,665 tonnes it offered from reserves in an auction Tuesday (Aug 2), the National Grain & Oil Trade Centre said.
The offered volume at the weekly auction was lower than 90,000 tonnes last week and around 300,000 tonnes in June, and far below weekly offers of 1.8 million tonnes at the beginning of the year, indicating state inventories are low.
So far this year, the government has sold 3.6 million tonnes of corn from state reserves to animal breeders and feed mills, according to reports.
Chinese feed mills and processors consume about 3.5 million tonnes of corn a week.