China has sold 88.5% of the wheat offered in the first auction of state reserves since the new harvest. The National Grain Trade Center said auction prices were lower than the current cash prices. A Reuters report said Chinese feedmillers have been buying up since the last crop season as corn prices were high. Corn prices have contracted on good domestic harvests this year, but rains in Northern China has led to lower quality, prompting feedmillers to switch back to wheat in their formulas.