The price of wheat reserves sold in the latest round of national auction on Wednesday rose sharply as companies snapped up the whole offer of 500,000 tons.
Average prices for common wheat hit 3,072 yuan/ton ($486 USD/ton) during the auction, up more than 11% from the previous week.
Wheat prices at state auctions in the past two years mostly traded at 2,300-2,400 yuan/ton. For example, the average price of national wheat reserves auctioned on October 20 last year was at 2,412 yuan/ton ($382 USD/t...