CHINA SELLS 1.588 MLN TONNES OF WHEAT AT AUCTION OF STATE RESERVES
China sold 1.588 million tonnes of wheat, or 39.48% of the total on offer, at an auction of state reserves last week, the National Grain Trade Center said in a statement late last Friday. The volume sold, at an average price of 2,363 yuan ($360.36) per tonne, rose slightly from around 1 million tonnes sold last week.
Chinese feed makers have been scooping up wheat from reserves to substitute for more expensive corn. But demand for the grain has cooled down a little as corn prices fell. The table below shows the volume of wheat sold at weekly auctions from China’s state reserves in 2021.