China Agriculture View

China’s second round of state corn reserve auctions recorded modest increases in sales in early trade on Tuesday, as traders lamented unattractive prices amid ample spot supply.

Jilin province sold 355,800 tonnes of corn for the second round of state auctions on Tuesday, more than double that of last week, the official National Grain&Oil Trade Centre (NGOTC) said.

Heilongjiang province received bids of 23.69 percent, or 71,100 tonnes, a rise of 17,900 tonnes from the first bidding a week earlier.

Analysts said they expected still tepid buying interest for the second round of corn auctions, citing cheaper spot prices and abundant supplies.

Source: Reuters