16:41 - 1.08.2024

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August 1, Fineko/abc.az. China is increasing government purchases of wheat to support local prices after heavy rains forced some farmers to send their crops to a market already overflowing with grain.

ABC.AZ reports that in northern China, a major wheat production center, market glut has worsened as farmers and traders rush to sell so as not to risk crop damage due to moisture in storages. At the same time, weak economy prevents consumption of flour for production of such products as noodles and bread.

China previously reported that the wheat harvest amounted to 138 million tons - 2.7% higher than last year. Meanwhile, imports jumped 16% up to 9.3 million tonnes in the 1st half of the year, although weak local prices are likely to curb China's appetite for overseas supplies in the future.