China initiates first minimum-price wheat auction for 2022 amid price surge
China is to have its first auction of state wheat reserves in 2022 next Wednesday (January 5) in an attempt to combat a spiking domestic wheat price as demand rose sharply in 2021.
Half of a million tons of wheat reserves of 2014-2020 harvests will be offered in auctions across five Chinese provinces including Henan, Hebei and Anhui. The floor price has been set at 2,000-2,350 yuan/ton (314-369 USD/ton).
The average pric...