May 4, 2012

China sells 1.98% reserve wheat at auction

China was able to sell 7,078 tonnes or 1.98% of the 357,214 tonnes reserve wheat it offered at an auction on Thursday (May 3), according to the National Grain and Oil Trade Center.

Specifically, some 5,078 tonnes or 1.43% of the planned 355,214 tonnes of white wheat were sold at the auction, at an average price of RMB2,019/tonne (US$320), while the mixed wheat of 2,000 tonnes were all sold out, with hammer price at RMB2,140/tonne (US$339).

The transaction rate was smaller than the 5.33% at the previous auction of reserve wheat where 404,184 tonnes were offered.