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China's grain market remains stable amid global fluctuations (2)


08:21, August 23, 2012

Corn and soybean prices at the Chicago Mercantile Exchange (CME) have soared by almost 50 percent and 30 percent, respectively, since late May.

The Rome-based United Nations Food and Agriculture Organization (FAO) Food Price Index, a measure of monthly changes in the average international prices of a basket of 55 food commodities, soared 6.2 percent in July, the highest increase since November 2009, according to a statement released by the FAO earlier this month.

Experts said China has been maintaining a self-sufficient grain strategy and over 95 percent of rice and wheat has been produced domestically during recent years, which has helped the country resist the influence of global fluctuations.

China embraced an eighth consecutive year of grain production growth last year under the central government's policies to mobilize farmers' initiative to farm, such as raising the minimum purchasing price several times.

The country is anticipating a ninth consecutive year of growth this year with grain production standing at 571.2 billion kg in 2011. And the government has been attaching increasing importance to innovations in agricultural technology.

"China has shown its sense of duty by feeding 22 percent of the world's population with no more than 10 percent of the world's farmland," said Yin Xiaojian, an agriculture expert from the Academy of Social Sciences of Jiangxi Province.

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