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China Bought Record Amount of Russian Wheat Last Season

10 августа 2019 года

(Bloomberg) --China bought more Russian wheat last season than anytime in the past decade as the countries seek to boost agricultural ties.

While China’s monthly purchases have slowed in recent months as the agricultural year came to an end, the total for the season is the highest since records began in 2009. The data shows China is continuing to choose Russian wheat after purchases surged last year from almost nothing.

For the 2018-19 season, China imported 155,000 tons of Russian wheat, 22% more than a year ago, according to Chinese customs data released this week. Imports have increased after the two countries reached an agreement in December 2015 on safety requirements.

“We will little by little increase exports further,” said Dmitry Rylko, director general at consultant the Institute for Agricultural Market Studies, or IKAR. “It’s mainly wheat of high quality that’s in demand there.”

Overall, Russia is still a small supplier of wheat to China, which also buys from Canada and Kazakhstan. China, the 16th-biggest wheat importer, almost stopped U.S. wheat purchases last season because of trade disputes.

Russia and China are making efforts to expand their agricultural cooperation. Russia has reached self-sufficiency in many foods and is looking for more export markets. China is discussing boosting Russian supplies of soybeans and dairy and started poultry imports earlier this year. It bought 38% of all Russian flour exports, or 106,000 tons, in the past season, IKAR estimates.

Source: Bloomberg  |  #grain   |  Comments: 0   Views: 114


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