China will release wheat and rapeseed oil from state reserves in early March, industry portal China Cereal said on Friday, a move aimed at cooling domestic wheat prices that are near record highs. China will sell 1.285 million tonnes of wheat and 100,000 tonnes of rapeseed oil between March 6 and 8, the portal said on its website. Domestic wheat prices have soared to record highs in the world's top producer and consumer of the grain due to adverse weather last year that affected the harvest.
Domestic high-quality wheat in the southern port city of Shenzhen touched a record high of 2,760 yuan ($440) per tonne in mid-January, but eased to 2,710 yuan a tonne this week in part due to expectations of a reserve sale.
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