Friday, 20 March 2015 13:10
BEIJING: China sold 8.8 percent of the 20,492 tonnes of US soft red winter (SRW) wheat offered this week, while 34 percent of the more than 800,000 tonnes of domestic wheat was sold from state reserves, according to the National Grain and Oil Trade Centre.
State granaries in the south province of Zhejiang will offer a total of 25,758 tonnes of Australian wheat from state reserves at a weekly sale next week. The Australian wheat was from harvests in 2010 and 2011.
China, the world’s top consumer of wheat, is buying high protein wheat from the international market due to domestic shortage of high quality grades.
This week, at a small state wheat auction held in Henan, the country’s top wheat grower, only 4,410 tonnes were sold out of the 204,953 tonnes offered. Wheat was sold at an average price of 2,401 yuan ($ 387) per tonne, according to an official website.
Copyright Reuters, 2015
