China’s state grain purchases will reach 420 mln tons in 2024

China’s state grain reserve enterprises are expected to purchase about 420 million tons of grain from farmers and producers, Xinhua news agency reported.

Thus, the volume of purchases will exceed 400 million tons for the second consecutive year.

According to the All-China Working Conference on Food and Strategic Reserves, the country has strengthened the organization and coordination of grain procurement and taken numerous measures to facilitate grain sales channels for farmers.

Grain procurement, along with the policy of setting the minimum purchase price of grain, is an important part of China’s macro-control measures as it plays a key role in ensuring national food security, maintaining food price stability, safeguarding farmers’ interests and ensuring emergency supplies.

According to Liu Huanxin, head of China’s State Administration of Food and Material Reserves, fall cereal procurement is now accelerating, and the peak corn procurement period has begun in the country’s northern and northeastern regions. With stockpiles growing, the scale of China’s grain storage facilities is also increasing year by year to effectively meet grain storage needs, he said.

By the end of 2024, the official said, the country’s capacity of standard warehouses in good condition will exceed 700 million tons, up 36% from a decade ago.

China’s grain production in 2024 hit a record high of 706.5 million tons, up 1.6% from last year. According to the State Statistics Office, the country’s 2024 grain harvest of more than 700 million tons is the first time the country has harvested more than 700 million tons.

Tags: China, grain, wheat