March 6, 2007

China Grain Reserves auctions 1 million tonnes of state-reserve grain

The China Grain Reserves Corporation (CGRC) assigned several major regional grain wholesale markets to auction a total of 1 million tonnes of state-reserve grain last week.

This is the 14th time the state has released interim state-reserve grains into the market to stabilise food prices.

The grain is expected to be sold in wholesale markets in six provinces.

Almost 300,000 tonnes of the grain would be sold in Zhengzhou. 220,000 tonnes in Jiangsu,180,000 tonnes in Anhui, 150,000 tons in Shandong and 50,000 tonnes in Hubei.