China goes on global wheat-buying frenzy
2013-07-11 10:32:57
China is on track to buy the largest quantities of wheat in nine years after storms this year have caused heavy damage to domestic crops, Financial Times reported, citing forecasts made by the US Department of Agriculture (USDA) on Monday. The USDA has upped its projection for Chinese wheat buying to 4 million metric tons this year, a roughly 30% increase from the previous year. Chinese wheat harvest is also projected to fall 2-5%, according to analysts, due to inclement weather. Tightening supplies and high demand have pushed the price of Chinese wheat futures to historic highs, with the US, Australia and France competing in wheat sales to China.