China Curbs Corn Auction Buying as Stockpiles Fall, Ding Says
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China, the second-largest corn user, sold less from its weekly auction after the government toughened measures to curb purchases as stockpiles declined, said analyst Ding Ling at Shanghai JC Intelligence Co.
Feed mills bought 67 percent of the grain offered at auction of state reserves yesterday, down from 83 percent last week, government data showed. Mills are allowed to buy no more than a month of requirements from these auctions as of yesterday, according to a statement on the website of the auctioneer. There were no purchase restrictions in previous rules published June 4.