China’s effort to overhaul its bloated corn sector has sent local prices to their lowest levels in 10 years—and left animal-feed imports from the U.S. more expensive for Chinese livestock farmers. China has been trying to auction down its stockpile—the largest in the world—amid the latest step in reforming its agricultural sector: The government this spring scrapped a minimum-price support program for corn started in 2007-08. That program, in which the government bought corn to keep prices above a certain level, had...

Source: Wall Street Journal October 06, 2016 08:37 UTC