China on Thursday sold nearly 108,000 tonnes of rice in its latest auction of state reserves, around 4 percent of the total amount of grain available, the National Grain Trade Center said.
A total of 104,851 tonnes of japonica rice, produced between 2013 and 2015, were sold at an average price of 3,168 yuan ($482) per tonne, the center said in an online statement. That was 6.9 percent of the total amount of japonica up for auction.
China also sold 2,831 tonnes of mid-to-late season indica, produced in 2014, at an average price of 2,810 yuan per tonne. The volume was sold entirely in the eastern province of Anhui. A total of 1.5 million tonnes of mid-to-late season indica from 6 provinces was available for auction, according to the center.
China set minimum purchase prices for rice in 2016 at up to 3,100 yuan per tonne, the National Development and Reform Commission announced in February. The price for early season indica rice was set at 2,660 yuan per tonne, mid to late season rice at 2,760 yuan per tonne and japonica rice at 3,100 yuan per tonne.
China is due on Friday to auction a further 403,200 tonnes of rice, and 3.42 million tonnes of corn, the center said on Thursday. The Chinese government sold 139,291 tonnes of rice reserves from its stockpiles last Friday.
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