China's wheat procurement off to good start with over 17m tonnes purchased
BEIJING -- China's summer wheat procurement has made a solid start, with over 17 million tonnes of wheat purchased so far, the National Food and Strategic Reserves Administration said Friday.
Recent quality monitoring of new wheat from certain producing regions indicates that this year's crop is generally superior to those of previous years, according to Xiang Yuxu, an official with the administration.
Overall, the pace of wheat purchases is faster than it was at the same time last year, and the market remains stable, with high-quality wheat commanding better prices, Xiang said.
Analysts noted that favorable policies and high-quality production are improving market sentiment and accelerating reserve procurement.
Looking ahead, efforts will focus on ensuring smooth procurement, safeguarding farmers' interests, and maintaining market stability, the administration said.
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