China sells 2,187,297 T wheat in auction of state reserves

BEIJING: China sold 2,187,297 tonnes of wheat, or 54.34% of total offered, during auction of state reserves last week, the National Grain Trade Center said in a statement on Monday.

The volume of sale, done at an average price at 2,373 yuan ($367.46) per tonne, fell from record high levels from the previous week, when feed producers ramped up purchases of wheat to replace corn amid soaring prices of the latter.

The table below shows the volume of wheat sold at weekly auctions from China's state reserves since June 22 last year.