date:Feb 01, 2016
China, the worlds second-largest corn consumer, will cut domestic prices to spur demand from downstream industry and reduce cheaper imports, a senior government official said on Thursday.
China has instituted a crop stockpiling policy to protect its rural population from fluctuating prices and prop up incomes. But corn reserves are now at record highs.
Demand for cheaper overseas supplies has spiked because the stockpiling elevated domestic prices, with imports of corn and corn substitutes hit