September 15, 2011
China's corn reserve auction draws no bids
China failed to sell any of the 356 tonnes of corn reserves it offered at an auction on Wednesday (Sep 14), according to the National Grain and Oil Trade Centre.
Auction sales of China's corn reserves have been sluggish since June this year, with only a small proportion or even none of corn reserves being sold in recent auctions.
The most recent corn reserves auction, held on September 6, sold 253 tonnes, or 41.54% of the planned 609 tonnes, at an average price of RMB1,586 (US$248)/tonne.
