In the first corn harvest since March, when China reformed its corn stockpiling program in some areas of the country, farmers are facing both falling corn prices and demand, according to media reports. The National Development and Reform Commission (NDRC), the country’s top policy planner, announced in March that the State will end its corn stockpiling program this year, as it looks to other subsidies, Xinhua News Agency reported then. Under the new policy, the government encourages State-owned and private companies to buy corn at market-based prices…Full Article: The Global Times Oct 2016
- In October 2016, a Beijing publication stated that the average corn price paid by ethanol companies in Jilin Province was CNY 1,450 (US$217.44) per MT. At the same time, the purchase price paid by ethanol companies in Kaiyuan, Liaoning Province, was CNY 1,570 [~US$233] per MT. The publication also noted that from 2007 to 2014, corn purchase price in Heilongjiang Province increased from CNY 1,380 [~US$181.32] per MT to CNY 2,200 [~US$357.42] per MT, before falling to CNY 2,000 [~US$318.35] per MT in 2015. In general, corn imports from the USA total just CNY 1,500 [~US$221.90] per MT.
- In April 2016, China’s Ministry of Agriculture announced it would increase soybean production at the expense of corn production. The Ministry of Agriculture also noted that soybean production will be promoted on farmland that has historically grown soybeans (e.g. Heilongjiang Province).
- In March 2016, China’s National Development and Reform Commission (NDRC) announced it would end the country’s corn stockpiling program in 2016.
- In November 2015, China announced plans to cut its corn production by 3.3 million hectares across 13 provinces/regions by the end of 2020. This decline in area will cut production by approximately 25 million MTs. According the Deputy Director of China’s Crop Production Department (under the auspices of the Ministry of Agriculture), the major corn producing regions of Liaoning, Jilin and Heilongjiang will see the largest declines in production area, while Shanxi, Shaanxi, Gansu, Guizhou and Yunnan will also be affected somewhat.