January 6, 2011

China sells 175,492 tonnes of auction wheat

The Chinese government sold a combined 175,492 tonnes of wheat in two auctions held in the provinces of Anhui and Henan, or 4% of the amount offered, according to data from local grain wholesale markets that handle the auctions.

At the first grain auction this year, the government sold 86,853 tonnes of wheat, or 10.34% of the amount it offered, in the Anhui auction, and 88,639 tonnes of wheat in Henan, or 2.42% of the amount it offered, the Anhui Grain Wholesale Market and the Zhengzhou Grain Wholesale Market said.
 

In Anhui, the average auction price was RMB1,892 (US$285)/tonne for white wheat, down from RMB1,905 (US$287)/tonne last week, and RMB1,905/ton for mixed wheat, up from RMB1,897 (US$286)/tonne.

In Henan, the average price for white wheat was RMB1,879 (US$283)/tonne, up from RMB1,871 (US$282)/tonne.

At last week's auctions, the government sold 162,500 tonnes of wheat, or 3.6% of the amount it offered.

The government regularly auctions wheat, rice, corn, soy and edible oils to ensure market supply and stabilise prices.