China to Stockpile More Wheat as Heavy Rains Force Local Sales
China is increasing state purchases of wheat to support local prices, impacted by heavy rains and a surplus of grain. Sinograin, the state stockpiler, will buy more new crop wheat for reserves, announced on WeChat. Despite similar efforts in June, prices remain near a three-year low due to ample supply and poor demand. The move aims to stabilize the market and support farmers, amidst a surplus and challenging conditions.
(Bloomberg) — China is stepping up state purchases of wheat to support local prices, after heavy rains forced some farmers to unload their crop into a market already heaving with grain.
Sinograin and its affiliates is to buy more new crop wheat for their reserves, according to a WeChat post on Wednesday. The state stockpiler made a similar pledge when the harvest began in June, but prices have continued to hover near a three-year low on a combination of ample supply and poor demand.
Source Link : https://www.caixinglobal.com/2024-08-02/china-to-stockpile-more-wheat-as-heavy-rains-force-local-sales-102222504.html
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