Breaking News-RTRS-UPDATE 1-China pledges to stockpile new corn, soybean crops

BEIJING, Oct 12 (Reuters) - China pledged on Monday to extend its controversial soybean and corn stockpiling scheme into the new crop year, moving to protect farmers' interests and ensure supply at the risk of inflating imports for a second year running.
The government did not say at what prices it will stockpile soybeans, but last year's scheme has been critised by traders as the purchases at higher-than-market prices led to a boom in cheap imports. The new crop harvest is due to begin within weeks.