BEIJING, Nov 2 (Reuters) - China sold 2.699 million tonnes of wheat from state reserves last week, continuing strong sales from the previous week, the National Grain Trade Center said on Monday, as users scrambled to stock up on the grain amid soaring corn prices.
China, the world’s largest wheat producer and user, sold 67.74% of the wheat put up for auction during a weekly sale, according to a statement on the trade center’s website, as feed makers bought the grain to substitute corn, which is getting increasingly expensive on tightening supplies.
The sale, made at an average price of 2,356 yuan ($352.04) per tonne, was up from 2,316 yuan per tonne in late June, when the data was available on the official website for this year’s wheat auction results. ($1 = 6.6924 Chinese yuan renminbi) (Reporting by Hallie Gu and Dominique Patton; Editing by Muralikumar Anantharaman)
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