NEWS
China Struggles With Corn Stockpile
Lin Tan DTN China Correspondent
Tue Jul 28, 2015 08:04 AM CDT

BEIJING (DTN) -- China's corn reserve has reached historic levels, and the government is having a hard time selling it.

"Chinese state reserve procured 83.3 million (metric) tons of 2014/2015 corn crop, much higher than last year's 69.2 mmt," said Zhonghua Wang, a market analyst at Zhaoshang Futures in Beijing. "Government auction results in the market was poor -- not too much corn was sold so far this year. As a result, the total stockpile is close to 150 million tons now."

The Chinese state reserve performs auctions every week, but end users are not active buyers because its priced ...

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