Posted 10/12/2023, 5:06:00 AM
China Goes on Wheat Buying Spree After Rains Damage Domestic Crop
- China buying large quantities of wheat from major exporters like US, Canada, France after rains damaged domestic crop
- Imports on track to hit record highs as China scoops up cheap supplies
- Buying spree comes as global wheat prices dropped to 3-year low in September
- China's appetite adds uncertainty to supply chains vulnerable to war, protectionism
- Imports expected to exceed annual quota as China builds grain stockpiles amid Ukraine war
- Rains reduced quality of 30-40 million tons of China's wheat, needing imports to blend
- China vies with Egypt as world's top wheat importer after record 9.96 million tons last year
