China begins purchasing corn and soybeans from northeast region, the biggest production base for autumn grain; minimum purchase price for soybeans set at 4,600 yuan/tonne, price for corn at 2,222-2,260 yuan/tonne

Nevin Barich

BEIJING , November 25, 2013 (Xinhua News Agency) – The China Grain Reserves Corporation, the state stockpiler, started to purchase corn and soybeans in Northeast China, the biggest production base for the autumn grain, on Monday.

The minimum purchase price for soybeans was set at 4,600 yuan/tonne while that for corn was 2,222-2,260 yuan/tonne. The state stockpiling program will come to an end on April 30, 2014.

The government's purchase and reserve plan is expected to support the domestic soybean and corn prices.

Currently, the January soybean contract traded on the Dalian Commodity Exchange has fallen to around 4,320 yuan/tonne, lower than the floor purchase price. (Edited by Liu Xiaoyun, liuxy08@xinhua.org)

(c) 2013 Xinhua News Agency

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