China should let market play bigger role in grain price process Feb. 4, 2015
Last year, China scrapped its state stockpiling program for soybeans and cotton, and one of the country's top ag officials says the same needs to happen with grains. Chen Xiwen, who heads the Communist Party's rural policy group, says the market should play a leading role in the formation of prices so farmers can produce based on the needs of the market. Chen's comments come amid news state stockpiler Sinograin purchased a record 125 MMT of grain for state reserves in 2014. "It's a big problem where we should store new purchases this year because the silos in some areas are already full," Chen said.