Since auctions resumed in October, every government wheat auction has seen 100% of volume being purchased by the market.
The late 2022 auctions were only for wheat in Xinjiang, starting in 2023, auctions were national with wheat from Henan, Jiangsu, and other provinces.
These auctions are relatively small compared to the 4 million tons per week seen in recent years and have all have seen all the available wheat purchased even as prices are falling.
Prices are low relative to the cash market as transportation costs and various auction fees are absorbed by buyers.
