RTRS - China confirms to stockpile domestic corn, soy at higher prices
Posted by Labels: Trader's highlightBEIJING, Nov 21 (Reuters) - China confirmed on Wednesday that it would stockpile corn and soybeans grown domestically at higher prices than last year to help farmers' incomes.
The government will pay 4,600 yuan ($740) per tonne of soy and 2,100-2,140 yuan per tonne of corn to farmers in northeastern provinces, the country's major corn area, the State Administration of Grain said.
Those prices are around 15 percent higher than offered last year, a source who had seen government documents on the step told Reuters in mid-November.
The stockpiling programme will end on April 30 next year, said the bureau, which requires state warehouses to accept as much as farmers can sell.
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