China sells 2,078 mt of imported US wheat from state reserves via auction


China sold 2,078 mt of imported US Soft Red Winter No 2 wheat from its temporary state reserves, via an auction Wednesday, at an average price of Yuan 2,528 ($381.27)/mt, the National Grain Trade Center said in a statement.

The total planned volume for Wednesday’s auction was 35,667 mt of US SRW No. 2 wheat from the 2013 season, which had been stored in state-owned warehouses in Zhejiang, Shanghai, Jiangsu, Fujian, Guangdong, Hainan and Qinghai.

All the auctioned reserves in Zhejiang, Hainan and Qinghai provinces were unsold, but in Shanghai and Jiangsu 5.14% and 9.30% of their respective reserves were sold.

The stocks in Shanghai and Jiangsu were sold at at Yuan 2,550/mt. Fujian achieved the highest success rate of 26.58% of the province’s reserves sold, at Yuan 2,500/mt.

The state usually destocks during and after the harvesting period to create storage space for the new crop, sources said.

The harvesting process in the major wheat producing provinces — Henan, Shandong, Hebei, Anhui, Jiangsu — has been completed.


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