China sells wheat at auction

BEIJING: China sold 1,681,496 tonnes of wheat, or 41.68% of total offer, at an 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 2,374 yuan($367.32) per tonne, fell slightly from the previous week.

Chinese feed producers have stepped up purchases of wheat from state reserves to replace corn amid high 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.