China to Encourage New Crop Corn Purchases

October 24, 2016 04:26 PM

China will try to encourage purchases of new crop corn by ending auctions from its state corn reserves, according to the National Grain Trade Center.

After selling more than 20 MMT of old crop corn, China still holds an estimated 250 MT of corn in state reserves, according to news reports. The grain center might consider additional corn stockpile sales in May 2017.

China is expected to offer subsidies to corn processors to stimulate sales, according to a report by Reuters.

The Chinese government announced earlier this year that it would not continue to support farmers through annual stockpiling of corn, the report notes.

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