China reportedly made purchases of two cargoes of US wheat for December shipment
It is being reported that China has made purchases of two cargoes for their December shipment, totaling to about 120,000 tons of US wheat. One of the cargo is US soft white wheat with the other being spring wheat.
These will mark the first purchases of US wheat by China since October last year. So, it’s definitely a signal that Beijing is at least trying to play nice in the month(s) just after the latest “deal”. In time, don’t be surprised if China conveniently forgets that they have to keep up such commitments. We’ve seen this story play out one too many times.
In any case, China’s grain imports have slumped heavily in the past few years as domestic production has been on the rise. For some context, China was arguably the biggest grains importer with around 60 million tons purchased in 2021-22. That figure fell to just 20 million tons during the period of last year.
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