The auction volume of corn in storage will be increased to 5.32 million tons this week.
This week's temporary corn auction is expected to provide 5.32 million tons of corn, 39 per cent higher than last week, according to an announcement issued on Monday.
Due to the increase in subsidies, the recent temporary storage corn auction has attracted more bidders.
Last week's auction offered a total of 3.84 million tons of temporary stored corn, which actually sold 429500 tons, with an average transaction price of 2119 to 2341 yuan. By comparison, 424645 tons were sold at the auction two weeks ago.
According to the results of bidding transactions published on relevant websites, most of the transactions were concentrated in Jilin Province, where the local government provided subsidies of 150 yuan per ton to 25 local corn processing plants.
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