March 1, 2004

China's Jiangsu Sells 200,106 MT Old Wheat

Jiangsu province in eastern China sold 200,106 metric tons of old wheat from government stocks in an auction last month, local traders said Monday.
 
The auction was held in Nanjing, the capital of Jiangsu province Feb. 18 and 19, traders said.
 
The average price of the wheat was pegged at 1,340 yuan ($1=CNY8.277) a metric ton, sharply higher than the floor price of CNY1,000/ton, traders said.
 
"The buyers held bullish views on China's wheat markets and were very active in buying wheat," a trader from a local breakage house in Nanjing said Monday.
 
The total value of wheat sold at the auction was CNY268.19 million, traders said, adding prices ranged from CNY1,040/ton to CNY1,470/ton.
 
Buyers were mostly local feedstuff producers and ethanol producers. China's provincial governments hold grain auctions each year to rotate old grain stocks with new crop grain.