Corn and wheat are down another 2% today, soybeans down 1%.
From Reuters via AgWeb, May 25:
China to Strengthen Commodity Price Controls in Five-Year Plan
China will strengthen price controls on iron ore, copper, corn and other major commodities in its 14th five-year plan for 2021 to 2025 to address abnormal fluctuations in prices, the state planner said on Tuesday.
The country will also step up monitoring and analysis of commodity prices such as crude oil, natural gas and soybean, the National Development and Reform Commission (NDRC) said in a statement.
"(Local governments) should study and judge the import impact in depth, promptly make suggestions... (on matters) such as reserves, import and export, fiscal and taxation, and financial adjustment measures," the statement said.
The NDRC also said authorities would "reasonably adjust cotton target price levels" and stick to the country's minimum purchase price policy framework for rice and wheat, it said. The government buys these grains from farmers at a minimum price when the market drops below that level.
The move comes as Beijing prioritises guaranteeing food security for its population of 1.4 billion.
The NDRC said it will build a solid grain supply and stabilise prices....
....MUCH MORE
However (May 13):
What Might Temper Rising Prices? "China's cabinet says it will cope effectively with fast rise in commodity prices"That's not as easy as it sounds, see second story....
