The National Food and Strategic Reserves Administration said on its website on Friday that larger volumes of corn produced in China's northeast, the country's grain basket, were still unsold compared with previous years With temperatures set to rise next month, a portion of the grain supply is at growing risk of going bad, said the statement, urging local governments and state companies to ensure more timely purchasing
Some in the market now expect Beijing to delay auctions of state corn stocks held in early summer to help farmers sell their crop, said Meng Jinhui, analyst at Shengda Futures, tightening supply The news came after growing concerns that disease spreading through China's hog herd would sharply dent demand, pushing futures down almost 10 percent in late 2018.