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American media: China’s increase in import demand leads the price rise of Americ

Date:11-19-2013 Number of visits:938 Font size:T|T
On July 8th, a report of America’s Bloomberg said China has increased the import og American wheat and American wheat future price rises, so do the prices of soybean and corn futures.
United States Department of Agriculture said America has exported a total amount of 840,000 tons of soft red winter wheat to China by the end of May and up to July 3rd, the shipped amount has reached 360,000 tons; the total sales amount and shipped amount between June 1st and 27th has reached 1,830,000 tons which is 5 times of previous years. Greg Grow, director of Agriculture Department of American Archer Financial Service Inc said in a telephone interview that American wheat is more competitive in China as its price is almost the lowest in this quarter.
On the morning of 8th, the wheat delivery price of September at Chicago Stock Exchange rose by 0.6% to USD 6.6425/bushel. Before that, wheat future price once fell to USD 6.5225 on July 2nd, which is the lowest since 2012 June. 
Shanghai JC Intelligence Co. Ltd said that within the import quota for Chinese agricultural products, American wheat price is 2100 yuan/ton while the domestic wheat price is 2400 yuan/ton. Besides, the quality of local agricultural products cannot be ensured and therefore it is hard for them to compete with imported products.
In the view of Greg Grow, in the past three days there was heavy rain from Arkansas to Ohio. People are worried that the crops may have been harmed and farmers may reduce the plantation area of soybean and this may lead to the price increase of wheat and soybean. Now it’s too late for crop rotation and the delay of wheat harvest has affected the plantation of soybean. The delivery price of soybean future for November rises by 0.7%, to 12.3725 USD/bushel; and the corn’s future price for December also rises by 1.4%, to 4.9825 USD/bushel.

(Editor: HBA)

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