Demand at corn reserve auction dips despite rising turnover rate

Demand for reserves of imported corn at state-run auctions fell slightly this week amid rising corn prices in China.

More than 79,000 tons of imported GMO corn stockpile were sold to private buyers in China via state-backed auctions on Tuesday, down nearly 12% week on week. The traded volume accounted for 94% of the offer this week, making the turnover rate higher than last week despite a smaller offer size.

Last week, China’s stockpiler offered more than 104,000 tons of imported GMO corn for auction, of which nearly 90,000 tons were sold.