China to buy up to 37 mln tons of local wheat at minimum price, unchanged from yr ago
China has set a 37 million metric ton per year maximumpurchase volume for wheat purchases at the minimum price in 2025 and 2026, the state planner said in a notice issued on Tuesday, similar to the quantity setlast year.
BEIJING, Sept 24 (Reuters) -China has set a 37 million metric ton per year maximum purchase volume for wheat purchases at the minimum price in 2025 and 2026, the state planner said in a notice issued on Tuesday, similar to the quantity set last year.
China buys wheat from farmers at the minimum price when the market price drops below that level in order to support food production.
It set the minimum purchase price for third-grade wheat produced in 2025 and 2026 at 119 yuan ($16.92) per 50 kilograms, equal to 2,380 yuan per metric ton, the National Development and Reform Commission said in a separate notice. For 2024, the minimum price was 118 yuan per 50 kg.
China’s wheat imports have climbed in recent years but the country’s buying spree is likely to slow in the second half of 2024 as higher domestic output and declining flour consumption reduce import demand in the world biggest consumer of the grain.
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