China New Borun (BORN) Locks-In Corn Prices Covering Production Requirements
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China New Borun Corporation (NYSE: BORN) has completed the pre-purchase of sufficient corn at locked-in prices to cover its production requirements during the coming non-harvest season.
During the recent harvest season, the Company reserved sufficient corn to be used for later production in the non-harvest season through corn sourcing arrangements with local granaries. As a result, the Company has secured 505,000 tons of corn stored at third-party granaries, and it is estimated that all of Borun's 2012 production plans can be sufficiently fulfilled with the corn already on hand.
During the recent harvest season, the Company reserved sufficient corn to be used for later production in the non-harvest season through corn sourcing arrangements with local granaries. As a result, the Company has secured 505,000 tons of corn stored at third-party granaries, and it is estimated that all of Borun's 2012 production plans can be sufficiently fulfilled with the corn already on hand.
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