August 13, 2008

China's corn price would be stable in August due to a bumper harvest nationwide, China National Grain and Oils Information Center (CNGOIC) said.

CNGOIC predicted that China's corn output would hit a record of 156 million tonnes in 2008, 4.17 million tonnes more than last year.

Confidence in China's corn supply meant prices would be slated to drop from here as corn futures on China's Dalian Futures Exchange plunged more than RMB 100 in less than two weeks. Prices in Shandong ( delivered to feedmill) on August 10 was RMB 1,780 (US$259.40 ), a drop of RMB 20 from the previous week.