A statement from U.S. Grains Council President and Chief Executive Officer Tom Sleight:

“Like others, we are closely following the market implications of the announcement from China that it will end its corn stockpiling program and reduce its surpluses of corn that have negatively impacted global markets.

“Our offices in Washington and Beijing have been monitoring signals that reforms were coming. While we are surprised they have been accelerated, we are hopeful they will be a step in the right direction toward more market-oriented decisions related to the supply and demand for corn.

“Although domestic corn prices in China have declined by about 30 percent in the past six months, and this announcement has had market impacts already, Chinese corn is still priced well above the world market. We will be seeking additional details about this announcement and monitoring its ongoing impact on feed grains markets, particularly as farmers in both our country and China begin planting.

“The Council has engaged in China for more than 30 years on a wide range of issues. We value this complex relationship and look forward to continuing to work in the market for mutual benefit.�