(Corrects to show corn prices fell by a quarter since June not
20 percent in 2nd paragraph)
BEIJING, Sept 30 China has given approval to at
least two companies to export corn, two sources with knowledge
of the matter said, in a radical move by the world's No. 2
producer to cut its ballooning surplus that could add more
supply to a saturated global market.
The move threatens to push prices down sharply in a market
that has already fallen a quarter since June.
In what could be the first bulk exports in a decade, the
government has issued permits to two state-owned companies, top
grains trader Cofco and major processor and trader Beidahuang,
allowing them to sell grain abroad, said China-based sources who
asked to remain anonymous because they were not authorised to
speak to the media.
(Reporting by Domininque Patton; Editing by Christian