China to crack down on corn speculation

来源：百度文库 编辑：神马文学网 时间：2024/04/26 22:06:52

China to crack down on corn speculation

15:37, August 20, 2010      

Email | Print | Subscribe | Comments | Forum 

Increases the bookmark twitter facebook digg Google Windowslive Delicious buzz friendfeed Linkedin diigo reddit stumbleupon

Responding to the rumors that China's corn resources are dangerously low, Shang Qiangmin, director of the National Grain and Oil Trade Center, said on Aug. 19 that China does not have insufficient corn this year, and that China will resolutely crack down on corn speculation

Due to drought, the corn output in northeast China was largely reduced in 2009, leading to some changes in the domestic corn market. Driven by bullish expectations, the corn price has had a higher increase rate. Shang said the view of imbalanced corn supply and demand is a misjudgment of the market situation.

"The hoarding and speculation are the main reasons for the strong demand in the northeast area," Shang said.

Shang also said that currently, China has abundant corn supply and sufficient corn stocks. China has enough ability and determination in market regulation. The National Grain and Oil Trade Center will have 2 million tons of stored corn up for auction this week, which has proven China's determination and strength in regulations.

In 2008, China's corn yield output reached 166 million tons, achieving a record high. In 2008 and 2009, over 36 million tons of temporary stored corn was purchased in four provinces of northeastern China, and in 2010, the newly-increased corn supply is roughly equivalent to domestic consumption. Therefore, China will not have a corn shortage this year.

The latest statistics from the National Grain and Oil Trade Center show that by the end of July 2010, the corn commodity stocks of state-owned grain enterprises, non-state-owned grain enterprises and the major conversion grain enterprises of the four provinces in northeastern China increased more than 5.1 million tons compared with 2009. Although the national stocks reduced with sales, the total supply did not reduce because of the increase in enterprises' stocks.

Shang said that China now has sufficient stocks of corns and is determined to crack down on hoarding and price gouging. Therefore, the National Grain and Oil Trade Center will continually supply temporary corn reserves, state corn reserves and local corn reserves to ensure the stability of the domestic corn market in China.

By People's Daily OnlineRelated Reading

  • Gold hits seven-week highs as safe-haven demand returns

  • Floods, global wheat price hikes not to affect grain prices in China

  • Researcher: China entering 'era of agricultural product deficits'

  • Gold extends gains on fund-buying

  • Gold inches up as dollar extends losses

  • Gold firms as economic outlook dims

  • China's grain prices to remain stable despite rising int'l wheat prices: NDRC

  • Gold jumps as safe-haven buying returns

  • Gold inches up on macroeconomic jitters, despite stronger dollar

  • Gold dips on rising dollar, ahead of Fed statement

    • Chinese vice president urges closer local exchanges with Japan

    • Senior CPC official tells party members to be at forefront in disaster relief

    • Chinese Vice Premier urges major state firms to improve production safety

    • Commentary: We need understanding for our humanitarian aid workers

    • China's largest marine patrol departs for Russia for joint drill

    • Second batch of Chinese aid arrives in Pakistan

    • Mudslide evacuees to be relocated in northwest China

    • China's soft power set for global audience

China to crack down on corn speculation China orders curbs on grain price speculation China cracks down on Chongqing's gangsters Getting down to action on climate change China moves to cut down executions China to continue tightening measures on prop... China to strengthen quality control on armament China asked to lead fight on piracy China to amend regulation on use of food nutrition enhancer China, India to hold talks on border issues China urges not to 'pour oil on flames' Chinese premier tells youths to "look up, be down-to-earth" //China speaks highly role of NPT China steps up research on administration reform //China welcomes international aid to quake relief: China, Britain pledge closer economic ties on eve of PM Cameron's visit to China U.S. Commerce Department refuses to initiate investigation on China's currency allegations Beijing to build China's 1st national museum focused on parks, gardens 伯南克将就盈余问题向中国发起攻击 Bernanke to rap China on surplus Hang Seng Index down 0.49% on Wed China shuts down 84 more porn websites Foucus On China is launched China rebuffs pressure on yuan China shuts down thousands of firms for pollution offences China to bring 'balance' to nuke meeting Prepositions of Direction: To, On (to), In (to)