News

Expert explains why China increased imports of US wheat

Wheat
China
United States
Market & Price Trends
Published Feb 28, 2024

Tridge summary

China is poised to overtake Egypt as the world's largest wheat importer, driven by a decrease in Australian wheat production and insufficient stocks in Argentina, as per Dan Bass, President of AgResource. However, he anticipates this trend to be short-lived, with China likely to turn to Argentina and possibly other nations for wheat supply, and an overall decrease in China's demand expected in the future.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

China is becoming the world’s largest importer of wheat, taking the leadership in this component from Egypt. This was stated by Dan Bass, the President and owner of the Chicago-based analytical company AgResource, during the BLACK SEA GRAIN. EUROPE-2024, Latifundist.com reported. “The sales of the U.S. wheat to China are growing slightly now. The reason why China hasn’t been buying wheat elsewhere is because it didn’t have the protocols in place to import from, say, a country like Russia. There is ragweed in Russian wheat. But China still maintains these requirements for ragweed,” he said. The increase in imports from the US had other reasons as well. In particular, it was due to the decline in wheat production in Australia and the lack of large stocks in Argentina. “Therefore, the Chinese had nowhere to turn but the United States, where they imported winter soft red wheat. That is why the U.S. wheat exports are increasing at least at the level of one country,” ...
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