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China Lowers Producer Subsidies on Ethanol From Grain

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China lowered subsidies for producers of grain-based ethanol by more than half in the latest move to curb industrial use and guarantee livestock-feed supply.

China is the second-biggest corn consumer. Corn prices increased to a record this year as rising demand from producers of hogs, cattle and poultry outpaced production. According to the U.S. Department of Agriculture, the country may more than quadruple corn imports to 4 million tons in the 2011-2012 marketing year.

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