China raises minimum purchase price for wheat produced in 2024

China has raised the minimum purchase price for third-grade wheat produced in 2024 to 2,360 yuan ($323) per metric ton, according to the state planner on Wednesday.

The National Development and Reform Commission had previously set the 2023 minimum purchase price at 2,340 yuan per ton.

This was decided based on production costs, supply and demand, local and global market prices, and other factors, it said in a notice published on its website.

A maximum of 37 million tonnes of wheat would be purchased at the new minimum price, the state planner said.

China buys wheat from farmers at the minimum price when the market price drops below that level in order to support food production.

Tags: Market, China, Production, wheat, purchase price