The Chinese government could face paper losses of more than $10bn on its state-owned corn reserves as it shakes up its agricultural support policy.
Beijing last month announced that it would end its price support policy in an attempt to reduce its mounting corn stockpile, starting with the upcoming harvest this year.
“The government has now abandoned price support policies for all commodities except wheat and rice,” confirmed the Beijing bureau of the US Department Agriculture in a report released on Thursday.
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