Reported 3 months ago
In response to heavy rains and a surplus of wheat that has driven prices near three-year lows, China is increasing state purchases of wheat to stabilize the market. Recent weather conditions have prompted farmers to sell quickly to avoid crop damage, significantly affecting local prices. Despite a record wheat harvest of 138 million tons this year, demand remains weak, and the Chinese economy's sluggish performance is further hindering wheat consumption.
Source: YAHOO