This week's auction volume of temporary state reserves of corn will be raised to 5.32 million tonnes

According to a notice released on Monday, this week's competitive bidding session for temporary state reserves of corn is expected to offer 5.32 million tonnes of corn, 39% higher than last week's volume.

Due to increased subsidies, recent competitive bidding sessions for temporary state reserves of corn have attracted more buyers to bid.

Last week's auction offered a total of 3.84 million tonnes of temporary state reserves of corn, with actual transactions of 429,500 tonnes and an average transaction price between 2,119 and 2,341 yuan. By comparison, the auction two weeks earlier recorded a transaction volume of 424,645 tonnes.

According to the competitive bidding results published on the relevant website, most transactions were concentrated in Jilin Province, because the local government provided a subsidy of 150 yuan per tonne to 25 local corn processing plants.