China to start auctioning off 2014 corn stocks at deep discount

In China, Reuters reports that nearly 7 million metric tons of four-year-old corn stocks will be auctioned off beginning this week, a move that is seen as a boon to ethanol producers who can use lower quality corn that will be offered with a floor price of $214.40 per ton. Though the floor price is slightly higher than last year’s floor price, it is still at a deep $79 discount to current prices. An increase in DDGS is expected to help animal feed compounders who will be hit by increased tariffs on US soy imports.