China wants to outsource wheat from government stocks

China wants to outsource its state reserves of wheat, because this year in the major growing regions of the country the harvest turns out to be worse. The state news agency Xinhua reports, citing the local grain administration.
From there it is reported that the state reserves are very large, although this year's crop is smaller. The government will monitor the wheat market very closely and outsource wheat from stocks at a reasonable time should demand lead to higher volatility.
Windy and rainy weather in the main growing regions would have affected the wheat harvest. Farmers are therefore unwilling to give their crop at current prices.
China's spring wheat harvest declined 2.4% to 128.35 million tonnes, mainly because of reduced acreage and adverse impact on yields.

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