China prepares to offload 10 million tons of old corn stocks for ethanol

In China, with stocks of old corn on hand from back as far as the 2011/12 harvest, the government is preparing to auction off as much as 10 million metric tons ahead of its annual auctions typically set for April. With much of the corn thought to be below standard for animal feed, ethanol production is thought to be a likely destination as prices could be as low as $229.89 per metric ton. Total stocks far exceed the typical stocks of one year’s consumption of 200 million tons.