Second China corn auction sees 2.6m mt sold at CNY 1,410/mt

The second of two corn auctions held in China has sold 85% of the total volume, with 2.6 million mt clearing out in the province of Heilongjiang, according to data from the National Grain Trade Centre Friday.

Just over 3 million mt from 2014 production was due to be auctioned in the province, with the floor set at CNY 1,350/mt ($215/mt) and the sale averaging CNY 1,410/mt ($224.50/mt).

Over the course of two consecutive days, China auctioned and sold in full 239,945 mt of 2013 corn and 143,350 mt of 2015 corn in four northern provinces – Inner Mongolia, Liaoning, Jilin and Heilongjiang.

The bulk of the volume came from 2014 production, with 6.2 million mt auctioned over the two days, and selling 88.5% of the volume – some 5.5 million mt.