China to Stockpile More Wheat as Heavy Rains Force Local Sales

(Bloomberg) — China is stepping up state purchases of wheat to support local prices, after heavy rains forced some farmers to unload their crop into a market already heaving with grain.

Sinograin and its affiliates is to buy more new crop wheat for their reserves, according to a WeChat post on Wednesday. The state stockpiler made a similar pledge when the harvest began in June, but prices have continued to hover near a three-year low on a combination of ample supply and poor demand.