China is set to import record volumes of wheat this year, trading sources say, with rain damage to its crop and worries over dry weather in exporting nations fuelling Beijing's appetite to buy while prices are low.
Traders said China's frantic buying is likely to support global prices, which have dropped more than a quarter this year - based on the Chicago futures benchmark price - amid abundant supplies from top exporter Russia.
"China has had problems with crop quality this year and Australia, which is the main wheat supplier to China, is going to have a much smaller crop," said one of the Singapore traders, who is at an international company which sells wheat to China. "Australia has the opportunity to fill the quality gap that China is currently suffering, particularly for high protein milling wheat," said Stefan Meyer, a grains broker at StoneX in Sydney.
China was probably looking at the mounting weather risks in top exporting countries and "making preparations" for next year.China's January-September wheat imports jumped 53.6% to 10.17 million metric tons, customs data showed, including 6.4 million tons from Australia and 1.8 million tons from Canada. Those figures don't reflect orders made for future delivery, such as recent purchases of U.S. soft red winter wheat.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Exclusive: US military begins Japan seafood purchases to counter China banThe United States has for the first time begun buying Japanese seafood to supply its military there, a response to China's ban on such products imposed after Tokyo released treated water from its crippled Fukushima nuclear plant into the sea.
Consulte Mais informação »
Macron vows to enshrine women's rights to abortion in French Constitution in 2024President Emmanuel Macron has promised to enshrine a woman’s right to an abortion in the French Constitution by next year
Consulte Mais informação »
Macron vows to enshrine women's rights to abortion in French Constitution in 2024President Emmanuel Macron has promised to enshrine a woman’s right to an abortion in the French Constitution by next year. The president on Sunday said on X, formerly Twitter, that a bill making this possible would be presented to his Cabinet by the end of this year so that “in 2024, the freedom of women to have an abortion will be irreversible.
Consulte Mais informação »
Exclusive: G7 to agree AI code of conduct for companiesThe Group of Seven industrial countries will on Monday agree a code of conduct for companies developing advanced artificial intelligence systems, a G7 document showed, as governments seek to mitigate the risks and potential misuse of the technology.
Consulte Mais informação »
Mbappe scores late winner as PSG edges Brest 3-2 in French leagueKylian Mbappe scored twice to reach 250 goals in his club career as defending champion Paris Saint-Germain edged Brest 3-2 to stay a point behind provisional leader Nice in the French league. Nice had beaten Clermont 1-0 to take the provisional league lead on Friday but Monaco can snatch back top spot with a victory at Lille later Sunday.
Consulte Mais informação »
Macron Announces Legislation to Enshrine ‘Freedom of Abortion’ in French ConstitutionSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Consulte Mais informação »