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Overall, China's 2023 imports are likely to reach around 12 million tons, two Singapore-based traders said, topping 2022's record 9.96 million tons, and the avid buying is expected to continue into 2024. read moreBeijing has not provided a crop quality assessment. MORE TO COMEChina's January-September wheat imports jumped 53.6% to 10.17 million metric tons, customs data showed, including 6.4 million tons from Australia and 1.8 million tons from Canada. Chinese wheat purchases have stabilised global wheat prices, one of the Singapore traders said. Given lower output in Australia, traders and analysts said China is likely to import significantly higher volumes of French wheat in the coming months.
Persons: China's, Muyuan, Stefan Meyer, Ma Wenfeng, Price, Rosa Wang, Jeffrey McPike, Naveen Thukral, Dominique Patton, Peter Hobson, Gus Trompiz, Julie Ingwersen, Tony Munroe, Simon Cameron, Moore Organizations: Traders, Russia, Reuters, El, Beijing Orient, Shanghai JC Intelligence Co, U.S, WASDEA Commodities, Thomson Locations: China, SINGAPORE, BEIJING, Chicago, Singapore, Australia, Beijing, Sydney, StoneX, Canada, Indonesia, Japan, North America, U.S, Canberra, Paris
"As Indian prices moved up because of the new minimum support price, other suppliers also started raising prices." Yet even before the weather phenomenon can disrupt production, the global rice price index of the Food and Agriculture Organization hovers above an 11-year high. The price of Indian rice exports has jumped 9% to a five-year high, following a hike of 7% last month in the price the government pays farmers for new-season common rice. "Rice prices have already been rising due to limited supplies," added Olam's Gupta. Last month Indonesia signed a rare pact with India to import 1 million tons if El Nino disrupts domestic supply.
Persons: El Nino, Krishna Rao, REA, Rice, El, Nitin Gupta, Gupta, Rosa Wang, Narendra Modi's, Modi, Himanshu Agarwal, Rajendra Jadhav, Qin Ningwei, Tony Munroe, Clarence Fernandez Organizations: Rice, Association, Reuters, El, Food and Agriculture Organization, U.S . Department of Agriculture, El Nino, Reuters Graphics, Shanghai JC Intelligence, Narendra Modi's Bharatiya Janata Party, BJP, Satyam Balajee, Vietnam, Thomson Locations: MUMBAI, India, Ukraine, Asia, Bangladesh, China, Indonesia, Thailand, Vietnam, New Delhi, Singapore, Myanmar, Pakistan, Indian, Philippines
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