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China's grain market remains stable amid global fluctuations

(Xinhua)

08:20, August 23, 2012

NANCHANG, Aug. 22 (Xinhua) -- China's domestic grain market has remained robust despite a drop in global yields due to lingering drought in some major grain exporters such as the United States and Russia.

This summer, China has seen a bumper harvest in wheat and rice, marking year-on-year increases of 8.4 million tonnes and 9 million tonnes, respectively, in the country's summer grain purchasing, according to Nie Zhenbang, former head of China's State Administration of Grain.

"Sufficient stockpiles and bumper harvests of wheat, corn and rice enabled China to maintain the stability of its domestic grain market," Nie said.

The total grain output in the first half of 2012 reached 129.95 million tonnes, marking a 2.8 percent jump year on year, according to China's National Bureau of Statistics (NBS).

The NBS said grain prices in July were up 3 percent year on year and 0.2 percent month on month.

Experts expect China's grain prices to remain stable during the fourth quarter despite price hikes in some other countries.

The worst drought this summer in half a century has gripped the Untied States, the world's largest grain producer and exporter.


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