December 5, 2005

China's Tianjin to sell 800,000 tonnes old wheat Dec 8
 

China's northern Tianjin city plans to sell about 800,000 tonnes of local wheat reserves Dec 8, an official close to the auction said Monday.

The wheat, produced domestically between 2000 and 2002, would be auctioned off on the Tianjin Grains and Oil Wholesale Market, an affiliate of the Tianjin City Grain Bureau.

Floor prices have been set at RMB1,340/tonne for wheat produced in 2000, RMB1,350/tonne for 2001, and RMB1,360/tonne for 2002, the official said.

Domestic traders and processors with licences to trade grain could participate in the auction.

This is the second time this year that the local government plans to get rid of its old stocks and replace them with new crop.

On May 12, the city government sold about 56,000 tonnes, or about 70 percent, of the local wheat reserves it had intended to sell. The reserves were sold on average for RMB1,462/tonne.