China grants more subsidies to soy farmers as it cuts corn stocks.

Soybean farmers in China’s northeastern provinces will get higher subsidies than corn producers this year as Beijing continues a policy set last year to reduce its huge corn stockpile. Stocks of corn in China reached around 250 million tonnes in 2017, a legacy from its near-decade long stockpiling system that was only abandoned in 2016. Beijing will give more subsidies to soybean growers than corn farmers in Liaoning, Jilin, Heilongjiang, and Inner Mongolia provinces. China included cutting corn acreage and lifting soybean acreage in a five-year plan issued in 2016, part of the country’s efforts to overhaul the world’s largest agriculture sector. Farmers will also get subsidies from the government to rotate their plantings as well as to leave some land fallow. Such subsidies will cover 30 million mu (2 million hectares) of land this year, without giving further details on the subsidies.