China's state corn sales picked up this week after Beijing, for the first time this year, offered from its reserves some grain it had imported from the United States in 2011 and 2012. The government sold 1,559,340 tonnes of corn, or 31 percent of the offered volume of 5,007,369 tonnes, at an average price of between 2,130 yuan and 2,229 yuan ($340-$360) per tonne, according to the National Grain and Oil Trade Centre.
This included the sale of 295,546 tonnes of US corn, or 59 percent of the offered volume of 501,543 tonnes, at an average price of between 2,138 yuan and 2,161 yuan per tonne. China, the world's No 2 corn consumer, has rejected a total of 1.25 million tonnes of corn imported from the United States since late last year due to the presence of an unapproved variety of genetically modified corn. Beijing also sold 1,263,794 tonnes of domestic corn at an average price of 2,130 yuan to 2,229 yuan per tonne at the weekly sale. A total of 4.5 million tonnes was offered.
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