23.
08.18
08:59

Course jump in corn futures at the Chinese Dalian

The corn futures on the Chinese derivatives exchange Dalian have today recorded their highest daily increase since May, after the government publicly announced its ethanol plans for the first time in a year.
According to this, China wants to promote the use of ethanol in 15 regions of the country later this year. Among them are the cities of Beijing and Tianjin and the province of Hebei. That's what it says on the government website.
The most traded front month in Dalian corn trade today is up 0.85% to 1,892 yuan / ton. Investors believe in a strong increase in corn demand. Beijing wants to present plans to feed the ethanol plants with which grain. Besides corn, manioc is also mentioned.
It is the government's first statement on the issue since September 2017, when the nationwide commitment to add ethanol to gasoline was reported. The plans are to be implemented by 2020. It is intended to mine the huge corn stocks in state-owned warehouses.
Because there was not a long time to hear, observers believed that the plans stealthily dust in the drawer. This morning's announcement could trigger a corn rally.
The state-controlled development and investment houses, as well as the state grain trader COFCO and Jilin Fuel have plans in their pockets to invest billions of yuan in new ethanol plants. Ethanol consumption would soon double in the world's largest car market.

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