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Cofco denies buying American corn

Source: Internet
Author: User
Keywords Medium Grain Storage
Tags export import import and export market storage
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March 22 Morning News According to foreign reports, China's Grain Reserve Management Corporation denied the market rumors about its purchase of American corn. Reuters reported that China had bought a lot of corn and helped the Chicago Board of Trade (CBOT) price rise by more than 10% per cent last week.　　A COFCO spokeswoman denied news that companies were buying American corn to replenish domestic reserves.　　"We didn't buy [us] corn and we don't have the right to import and export," Cheng, a spokesman for Cofco, said in an interview about market rumors. "We are buying domestically produced corn to replenish our reserves," he said, denying that the company had bought corn through the Chinese oil and foodstuffs import and Export (group) Limited (COFCO).

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