China: Offloading Old Stock Rice Through Annual Auction
Link to report:
The People’s Republic of China (PRC) will re-start old crop rice auctions for feed use beginning in March 2023 to rotate out older stocks, to provide grain alternatives, and to temper rising feed grain prices. The rumored volume of old stock rice to be offered is around 18 million metric tons (MMT), less than half the amount on offer in 2021 and 2022. Sources report old stock rice reserves have dwindled in previous years as old crop rice was auctioned in an attempt to relieve pressure on corn prices and very old crop replaced.