CHINA: Approves three state owned companies to export two million tonnes of corn to try and reduce their burgeoning surplus according to sources – @AceFinanceNews

#AceFinanceNews – Sept.30: China set to export corn, posing new threat to battered global market – sources

A harvester unloads corn to a cargo truck at a farm in GaochengChina has given approval to at least two companies to export corn, trading sources said, in a radical move by the world’s No. 2 producer to cut its ballooning surplus and unleash more supply into a saturated global market.

The greenlight was for around 2 million tonnes of corn to be exported by three state-owned companies, said one of the trading sources who had spoken to one of the exporters.

A spokesperson for China’s commerce ministry said the permits were not its responsibility and directed questions to the state planer, the National Development and Reform Commission (NDRC).

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