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Markets

China sells 515,209 tonnes of wheat in auction of state reserves

  • Chinese feed makers scooped up wheat from reserves to substitute for more expensive corn.
12 Apr 2021

BEIJING: China sold 515,209 tonnes of wheat, or 12.81% of the total on offer, at an auction of state reserves last week, the National Grain Trade Center said in a statement on Monday.

The volume sold, at an average price of 2,349 yuan ($358.19) per tonne, declined from more than 1.5 million tonnes sold in the prior week, as corn prices fell.

Chinese feed makers scooped up wheat from reserves to substitute for more expensive corn.

The table below shows the volume of wheat sold at weekly auctions from China's state reserves in 2021.

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