June 7, 2004

China's Chongqing To Auction 355,000 MT Old Grain Jun 17, 18

Southwestern China's Chongqing province will hold an auction in June to sell 355,000 metric tons of old grain, an auction official in China said Friday.
 
"The auction will be held on June 17 and 18, and the total amount of old grain offered for sale is estimated to be 355,000 tons," said the official from Chongqing Grain and Oils Wholesale Market.
 
The old grain will comprise 300,000 tons of old rice, 53,000 tons of old wheat and 2,000 tons of old corn, added the official.
 
The minimum bidding price or the floor price has not been set yet, the official said. The old grain offered is only suitable for feed or industrial use, and buyers will have to be domestic ethanol and feedstuff producers, he said.
 
China's provincial governments hold grain auctions each year to rotate old grain with new crop grain and they have held several this year.