China has pledged to eliminate a costly corn stockpiling policy that has hit world markets and left it with more than a year’s worth of stock in its silos.
A policy of buying corn at government-set minimum prices that were up to 50 per cent above market prices has turned into an expensive dilemma for Beijing. Policymakers feared unloading the stocks would depress prices and discourage farmers from planting, thus endangering national food security.
The State Administration of Grain said in a statement on Tuesday that it would replace the stockpiling system with subsidies to farmers when prices dipped, starting with the upcoming harvest in the autumn. It would also encourage large state-owned companies to buy from farmers at market prices.
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