March 16, 2004

China's Anhui Province To Sell 300,000 MT Old Grain

Anhui province in southern China will auction nearly 300,000 metric tons of old grain from state reserves this weekend, traders in China said on Monday.
 
The sale will be part of a fresh round of grain auctions held by Chinese government, in an attempt to increase the supplies and cool down market prices, traders said.
 
The grain to be offered in the auction includes old rice and wheat, produced between 1994 and 2002, but the specific amount of the grain is not available yet, traders said.
 
In recent weeks, China's grain markets have been rising steadily, fueled by concerns about falling grain stocks and higher restocking demand in major consuming regions.
 
China's government holds grain auctions and tenders each year to rotate government-held grain stocks.