China has cut the purchasing prices of corn for state reserves by a range between 220 yuan/metric tone (tonne) and 260 yuan/tonne, according to the Futures Daily on Monday.
The authorities will purchase corn for state reserves from November 1, 2015 to April 30, 2016 in provinces of Liaoning, Jilin and Heilongjiang and Inner Mongolia Autonomous Region, with the purchasing price at 1 yuan/Jin (one Jin equals to 0.5 kg). In 2014, the purchasing price in Inner Mongolia Autonomous Region and Liaoning stood at 2,260 yuan/tonne, while that in Jilin and Heilongjiang was 2,240 yuan/tonne and 2,220 yuan/tonne, respectively.
This year, the purchasing prices in those production regions will be the same and stand at 2,000 yuan/tonne, said the Futures Daily.
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