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COFCO's grain storage denies being banned from receiving grain
Edited by Zhuochuang Information : 2011/3/18 10:54:12
A few days ago, it was reported that China's four major grain central enterprises-COFCO Corporation, China Reserve Grain Management Corporation (China Reserve Grain), China Textile Group and Hualiang received instructions that they could not enter the market to collect grain, so as not to cause rising food prices. A person in the China National Grain Reserve said recently that the suspension of wheat purchases was in 2010. "There is no new situation." This person also acknowledged that China National Grain Reserve is purchasing corn in the Northeast and North China regions to replenish stocks and prepare for future macro-control of grain.
The relevant person of COFCO also said that without hearing the information that COFCO stopped purchasing grains, it is logically impossible for COFCO to suspend grain procurement. Jiao Shanwei, editor-in-chief of China Grain.com, believes that state-owned enterprises such as China National Grain Corp. entered the market to buy grain at this time is precisely the need for macro-control of grain, otherwise the macro-control of grain prices will be difficult to continue.
In 2010, in order to cope with rising corn prices, according to the arrangements of relevant departments, China National Grain Reserve put 20 to 30 million tons of corn temporarily collected and stored by the state. Since 2008, the cumulative amount of temporary reserves of corn purchased by China National Grain Reserve is 30 to 40 million tons. After a large number of temporary reserves of corn are released from the warehouse, in order to maintain the strength of macro-control, some central reserve corns used only in emergencies have also been reported. In the market, some grain stores in China Grain have bottomed out, and the demand for replenishment is more urgent. Insiders said: "After nearly half a year of consumption of corn grain sources, the amount has fallen. If we do not replenish the stocks and do not master the grain sources, the market will not even mention regulation in the later stages."
Jiao Shanwei said that it is not realistic to hope to regulate the market by increasing imports. It is necessary to use its own strength. According to a report released by the USDA in February this year, China is expected to import 1 million tons of corn in the 2010/2011 marketing year, a reduction of 296,000 tons compared to 1.296 million tons of corn in the previous market year. In the 2010/2011 marketing year, China's corn production will reach 168 million tons, an increase of 10 million tons compared with the previous year.
According to market sources, COFCO is acquiring corn supplementary stocks in Northeast and North China. In order to cooperate with COFCO's acquisition, COFCO and other corn deep-processing companies are required to suspend the purchase of corn; industry sources said that corn processing companies other than COFCO are not allowed to hoard corn and still Corn can be purchased in accordance with the company's normal processing capacity.
In the rice market, a person in charge of a rice processing company in Northeast China stated that he had not heard of the requirement that COFCO should not purchase rice. In fact, some of the farms in COFCO are organizing rice purchases, and other companies have not been notified that they cannot purchase rice. In the second half of 2010, as the price of wheat quickly broke through the 1 yuan per catty mark, the relevant departments requested China Storage Grain to stop buying the wheat in the city. Since then, in order to further stabilize the food price, China Food Grain's grain trading business has also been stopped. More news on the restrictions on the purchase of wheat by state-owned enterprises such as China Grain.
Jiao Shanwei said that the wheat harvested in 2010 is not much left, and a large proportion of wheat is in the hands of state-owned enterprises. As of September 30, 2010, various grain enterprises in 11 major wheat-producing provinces, including Hebei, Shanxi, Jiangsu, Anhui, Shandong, Henan, Hubei, Sichuan, Shaanxi, Gansu, and Xinjiang, have cumulatively purchased 51.911 million tons of new wheat in 2010. Among them, state-owned grain enterprises purchased 40.258 million tons, accounting for 78% of the total purchases. China Storage Grain entrusted storage and storage sites in Jiangsu, Anhui, Shandong, Henan, and Hubei provinces to purchase wheat at a minimum purchase price of 22.409 million tons, accounting for 56% of state-owned grain enterprises' purchases.
Jiao Shanwei said that there is not much wheat in the hands of farmers and traders, and the impact of continuing or stopping acquisitions by central enterprises is not large, and the need to restrict acquisitions by central enterprises is not great; in addition, from the perspective of implementing macro-control, COFCO and other companies No wheat will be acquired, and it will be difficult to secure flour supplies on the market.

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