BEIJING (Reuters) - 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 Radford