Due to their support system and the global price spike.. which China followed with their support prices.. they planted fence row to fence row and sold it to the government..  sound familiar?  It's the policy we used in the 1980's..

They don't have the infrastructure.. and farmers are defaulting.. thus some beauracrate has to keep corn in condition without the adequate infrastructure.. and it's going out of condition.. aka it's bad policy.

As I said below.. we always figured 1/2 of 1 percent shrink per turn at the elevator I worked at.. Chinese corn stocks are going to shrink at MUCH higher rates..  Now the Government owns a bunch of out of condition corn.. and it's cheaper to import better quality grain for the users.
What would you do with a beau coup amount of moldy corn?

Can't make ethanol out of moldy corn.. can you feed it?

use it for fertilizer..?? 

It's JUNK and at some point will be written off.. out of 115 mmt's in stocks.. 5..10..15..25 mmt's of JUNK!!  that would be 5% to 22%..

I bet it ends up being more than that before all is said and done.. It's gonna be a huge mess.  They are trying to blend it off.. "good luck with that.."

I remember salvage companies finding 30..40..50% damaged grain back in the 1980's.. here.. don't let the bad news bears fool ya.. they will need blending grain to get rid of this and it will take some time.  India is a similar story with slightly different details..

It's the STORAGE and the infrastructure that makes the US a Grain powerhouse.. (plus everything else.. genetics.. machinery and manpower..)  We can raise it AND we can keep it in condition... Not everyone else can...