Subsidies for sale of stockpiled corn
This is a translation of an online article. China's officials are planning to give subsidies of 150 yuan/metric ton to "deep processing" companies to induce them to buy corn from the huge 30 mmt stockpile held in State reserves. The first round will be about 5.8 mmt, with more possibly issued later. A similar subsidy for soybeans is reported under consideration. On August 25, Heilongjiang Province’s grain bureau released a notice which referred to another notice jointly issued by the National Development and Reform Commission, State grain bureau, Finance Ministry, and Agricultural Development Bank "Notice on Transfer of part of temporary state reserve corn by local sales." Industry insiders told reporters about the subsidy methods. A part of the over 30 mmt of State reserves will be transferred to provincial grain bureaus as local reserves. Then it can be prepared for local sale. Purchasers of the corn must be processing enterprises with capacity of 100,000 mt ...