Tuesday saw the second round of the year of rice purchased under the minimum reserve price program. A total of 601k tons was offered, with 79k tons, or 13.4%, purchased by the market.
The average price was 2630 yuan per ton, down 13 yuan per ton compared to last week.
These auctions were relatively quiet last year. Across 27 rounds of auctions over 6 months, a total of 1.49 million tons of reserve rice were purchased by the market.
Outside of the rice being sold as part of the minimum reserves, ...