September 22, 2011
China sells 78% of reserve corn in auction
China sold 278 tonnes of corn from national reserve, or 78.09% of the offer of 356 tonnes at an auction Tuesday (Sep 20), according to the National Grain and Oil Trade Centre.
The transaction rate of RMB1,620 (US$254)/tonne at the auction was much higher than that of the previous auctions of reserved corn.
Auction sales of China's corn reserves have been sluggish since June this year, with only a small proportion or even none of corn reserves being sold in recent auctions.
Meanwhile, China sold 10,680 tonnes of state wheat reserves in an auction in Anhui province, accounting for 2.91% of that which was auctioned, sources reported.
