Cheap China Corn Seen Curbing Imports Amid Ample Domestic Supply

China’s imports of corn and feed grains are set to slump after the government increased the amount auctioned from state reserves and domestic prices dropped to a decade low, according to analysts.  The government is offering about 7.9 million metric tons of corn from its stockpiles for a third week. That compares with 6 million tons offered in auctions held July 21 and 22 and about 2 million tons offered July 12-13, which included poor quality grain. China is the world’s second-biggest corn consumer.  Chinese corn futures tumbled to a decade low last week amid increasing sales from state reserves. Almost 13 million tons has been sold since auctions began on May 27, according to data from the National Grain Trade Center compiled by Bloomberg. Imports may slump 69 percent in the year starting October and purchases of alternative feeds barley and sorghum will also drop, according to the China National Grain and Oils Information Center.