China's wheat imports set to decline after output surge: traders

Published 2024년 8월 21일

Tridge summary

China's wheat imports, which have reached record levels, are projected to decrease in the latter half of 2024 due to an increase in domestic production and a decrease in flour consumption. This is expected to put downward pressure on global wheat prices, which are already near their lowest level in four years due to an abundance of supply. China, the world's largest wheat importer for the past two years, has brought in significant imports from the United States, France, Australia, and Canada, exceeding its import quota and resulting in additional tariffs on the excess.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

By Naveen Thukral and Mei Mei Chu SINGAPORE/BEIJING (Reuters) - A Chinese wheat buying spree is set to fade in the second half of 2024 as rising Chinese output and declining flour consumption reduce import demand in the world’s top consumer of the grain. China has made record purchases of wheat in recent years and a reduction in imports is expected to put additional pressure on global prices, which are trading near their lowest level in four years amid abundant supplies, traders and analysts said. Estimates for China’s wheat imports from July to December range from 2 million to 4 million tonnes, according to a survey of one China-based grain trader and two based in Singapore, down from the 4.09 million tonnes shipped in the second half of 2023. “There has been a lack of interest from Chinese wheat importers since supplies of this year’s crop hit the market,” said one of the Singapore-based traders, who works for an international company that ships grain to China. “They are booking ...

Source: NoticiasAgricolas