August 29, 2011

China's Sinograin sells 0.47% grain in auction

China Grain Reserves Corp auctioned a total of 4.1 million tonnes of grain on the China Zhengzhou Grain Wholesale Market Wednesday (Aug 24), but only sold 0.47% of the grain.

Bidders spent RMB1,891.75 (US$295.97) per tonne on average for the grain. China Grain Reserves Corp (Sinograin) entrusted the market with the auction.

Recent grain demand from the flour mills has remained relatively stable of late, though there has been a surge in demand for grain for animal feed, reported Li Hongchao, an analyst at Shandong-based Zhuochuang Information Ltd.