December 7, 2007

China auctions 1.7 million tonnes of wheat

China Grain Reserves Corporation held an auction for 1.7 million tonnes of wheat in Zhengzhou Commodity Market on Wednesday (Dec 5).

This is the fifty-second time that the corporation had offered grains for auction this year. The volume of wheat offered in this auction is the biggest in history. Besides locally-produced wheat, sixty-thousand tonnes of imported wheat were also offered in the Zhengzhou auction.

According to market participants, the corporation will offer another 1.8 million tonnes of wheat in an auction to be held Anhui province.

These series of auctions form part of the Chinese government's efforts to keep grain prices steady.