Chinese wheat stocks 56 percent up on year ago
China's state reserves authorities purchased 26.32 million tons of wheat from six provinces between May 20 and July 5 for government wheat stockpiles, according to statistics released by the Henan Grain Administration on July 15.
Active selling by farmers on the back of the fifth straight year of bumper wheat harvests meant that government stockpiles on July 5 stood 56 percent higher than they did on the same day a year ago.
"Farmers are anxious to get the cash to buy seeds and agricultural materials for autumn sowing, which has helped drive wheat sales," said grain expert Wang Xinfeng from Zhengzhou, capital city of major wheat producing region Henan Province.
Active selling by farmers on the back of the fifth straight year of bumper wheat harvests meant that government stockpiles on July 5 stood 56 percent higher than they did on the same day a year ago.
"Farmers are anxious to get the cash to buy seeds and agricultural materials for autumn sowing, which has helped drive wheat sales," said grain expert Wang Xinfeng from Zhengzhou, capital city of major wheat producing region Henan Province.
