After being rumored for several months, the auctions of old reserve rice to feed mills have finally begun.
1 million tons from 2019 to 2021 were listed with a floor price of 1500 yuan per ton. 634k tons, or 63.4%, were purchased by the market at an average price of 1522 yuan per ton.
This first auction was in Heilongjiang, and the auctions are for 1 million tons per week.
Rumors of these auctions have been happening for several months, with the most recent being in early May. At that time, the e...