BEIJING (DTN) -- Chinese corn prices may be stable to higher this year, largely because the state reserve is buying at a higher than anticipated price.
"Government policy is distorting corn price," said Zhonghua Wang, a market analyst at Zhangshang Futures in Beijing. "Recent statistics show that the Chinese state reserve is buying more corn compared to last year. This will impact cash corn supply in the next month."
By January 25, China's state grain reserve, had purchased 39 million metric tons of corn, higher than the 36 mmt it purchased during the same timeframe last year.
"The government is ...