September 11, 2003
China's Qingdao To Sell 20,000 MT Wheat Via Auction
China will sell 20,000 metric tons of wheat from state-held reserves via an auction in the Northern city of Qingdao Sept. 18 to replace old grain with new grain, traders said, citing a notice from the local grain and oils wholesale market in Qingdao Thursday.
On behalf of the municipal government, the local wholesale market will offer 15,000 tons of locally produced wheat and 5,000 tons of Canadian-origin red wheat for sale in the auction, the notice said.
The wheat will be delivered Sept. 19-Oct. 20, 2003.
Only domestic grains trading firms are allowed to participate in the auction.
Traders said China plans to sell 15 million tons of old grain in 2003 to make room for new grain.