September 2, 2010

China sells 33% of corn reserves at weekly auction

China's government sold 33.1% of the 983,400 tonnes of state corn reserves offered at a regular weekly auction Tuesday (Aug 31), according to the China National Grain and Oil Information Centre (CNGOIC).

Demand eased in comparison with last week's auction, when the government sold 88.2% of a roughly similar volume offered, according to CNGOIC data.

This week's auction fetched an average price of RMB1,618/tonne (US$237.68), the agency said. It did not provide an aggregated average price for last week.