BEIJING May 15 China's top grain-producing
provinces will pay greater subsidies to soybean farmers than
corn growers as the country pushes to whittle a huge corn glut.
The nation has been overhauling its grains policy in the
wake of abandoning a state stockpiling system that amassed over
250 million tonnes of corn, more than one year's consumption.
The governments of Heilongjiang and Liaoning provinces in
the northeastern corn belt announced the move on subsidies in
policy documents published late last week, although details on
subsidy levels will be released later.
China included cutting corn acreage and lifting soybean
acreage in its five-year plan issued last year. It is the
world's top consumer of both commodities.
The amount of land used to grow soybeans in China will rise
to 140 million mu (9.3 million hectares) by 2020, up from 98
million mu in 2015, according to the plan.
(Reporting by Hallie Gu and Josephine Mason; Editing by Joseph