December 26, 2003

China's Shandong Province Sells 20,000 MT Wheat

China's Shandong province announced the sale of 20,000 metric tons of old wheat from state reserves.

"The average price of the old wheat sold in the auction was 1,180 yuan ($1=CNY8.28) a metric ton," said a trader from a local grain trading house in Jinan, the capital of Shandong.

The buyers were domestic feed producers from Shandong, Anhui and other provinces in eastern China.

The Chinese government has increased the number of auctions for the sale of grains following the sharp rally in domestic wheat prices since late November, traders said.