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Article: Weak fundamentals and state sales keep corn prices down in Q3.(Financial report)
- Article from:
- China Business News
- Article date:
- October 15, 2008
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Weak fundamentals and state sales keep corn prices down in Q3
Shanghai. October 15. INTERFAX-CHINA - The average spot price for corn in China had fallen to RMB 1,747 ($255.83) per ton by Oct. 6, pushed down by government market controls and kept there by weak demand, according to Beijing Municipal Bureau of Grain (BMBG) figures released on Oct. 14.
By comparison, corn was selling for RMB 1,779 ($260.52) per ton in early July this year.
The government's hand in keeping corn prices down is thanks to its policy of keeping the market in ample supply through weekly auctions of stockpiled corn in southern and northeastern regions between July and ...