August 9, 2004

China's Shangdong Province To Auction 23,000 MT Wheat

A total of 23,000 metric tons of wheat stocks will be auctioned August 9 in Shangdong province, a source close to the auction said Friday.

The wheat is being stored in different locations in Yuncheng County, Shangdong province. It was harvested 2001 to 2003.

The source said the auction price could be lower than current market price because it's an exceptional disposal.

Current wheat prices of the same quality in Shangdong Province averages RMB1,580 ($1=RMB8.28), the source said.

Qualified bidders include grain wholesalers, food processors, feed producers and individuals.