October 17, 200

 

 

China Guangzhou To Sell 30,000 MT Old Grain From State Reserve

 

Guangzhou, the capital of Guangdong province in southern China, will hold an auction Oct. 23, to sell about 30,000 metric tons of old grain from state reserves, an official from Guangzhou Grains and Oils Information Market said Friday.

 

"We will hold the auction to sell 20,000 metric tons of old rice and 10,000 metric tons of old wheat from government stocks," the official said. Other details such as the age of the old grains stock were not immediately available.

 

China's provincial governments hold grain auctions each year to rotate old stocks in government reserves with new stocks. In 2003 calendar year, China targets to sell 15 million metric tons of old grain to make room for grain from the new harvest.