December 23, 2003

 

 

China's Shandong province To Hold Auction For 20,000 MT Old Wheat

 

Shandong province in Northern China will auction 20,000 metric tons of old wheat from state reserves Wednesday, industry officials said Tuesday.

 

"We'll offer 20,000 tons of old wheat for sale, and the buyers must be domestic feedstuff producers and ethanol producers," an official from Shandong Grain and Oils Trading Center said.

 

The auction will be held in Jinan, the capital of Shandong province, the second largest wheat-producing region in China.

 

China's government has increased the pace of auctions after a sharp rally in wheat prices since late November, traders said.

 

In early January, China's Henan province is likely to hold another auction to sell about 750,000 tons of old wheat, traders said. But a date for the auction is yet to fixed.

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