BEIJING: China sold nearly all the wheat offered at its regular auction of state reserves last week, continuing hot sales from the week earlier, as feed producers ramped up purchases of the grain to replace corn.
The auction, sold at an average price at 2,455 yuan per tonne, data from the trade centre showed on Monday, came as corn prices in China soared to record high levels, while fresh COVID-19 cases in the country sparked fears over supplies of grains.
More than 4 million tonnes of wheat, or 99.89% of the total offer, was sold at auction, the National Grain Trade Center said in a statement.
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