Reports from Chinese media indicate the nation will scrap its corn stockpiling scheme. Pro Farmers First Thing Today reports China will eliminate its nine-year-old corn stockpiling scheme and will instead allow the market to determine domestic corn prices. A Chinese television station reports that China will directly subsidize farmers and stop stockpiling grain beginning this fall. Beijing has made no official announcement regarding any such change, though there has been talk the country would shift to a more market-driven policy. China currently holds massive state reserves that form the largest corn stockpile in the world.