SINGAPORE/BEIJING: China is set to import record volumes of wheat this year, trading sources say, with rain damage to its crop and worries over dry weather in exporting nations fuelling Beijing's appetite to buy while prices are low.
Traders said China's frantic buying is likely to support global prices, which have dropped more than a quarter this year - based on the Chicago futures benchmark price - amid abundant supplies from top exporter Russia.
"China has had problems with crop quality this year and Australia, which is the main wheat supplier to China, is going to have a much smaller crop," said one of the Singapore traders, who is at an international company which sells wheat to China. "Australia has the opportunity to fill the quality gap that China is currently suffering, particularly for high protein milling wheat," said Stefan Meyer, a grains broker at StoneX in Sydney.
Unlike other commodities, China's imports of Australian wheat were largely unaffected by the bilateral tensions between the two governments in recent years. Indeed, those tensions have eased in recent months.
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