China sells 22,057 tonnes of reserve wheat

The state reserves of China sold out 22,057 tonnes or 5.85% of the 376,792 tonnes of wheat it offered at a weekly auction on Wednesday (June 20), the National Grain and Oil Trade Center announced.

The average trading prices stood at RMB2,060-2,138/tonne (US$323-$336).

The transaction at the reserve wheat auction improved significantly compared with the previous auction where no bidders were attracted.

Propped by the state stockpiling, wheat prices in major producing regions have risen recently and this helped boost trading enthusiasm for the cheaper reserve wheat.