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Watch onSINGAPORE/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.
Overall, China's 2023 imports are likely to reach around 12 million tons, two Singapore-based traders said, topping 2022's record 9.96 million tons, and the avid buying is expected to continue into 2024. China has said its wheat crop shrank 0.9% this year to 134.5 million tons, the first decline in seven years despite expanded acreage, after heavy rain battered mature grain in the key central growing region just before the harvest.However, according to estimates by the two Singapore traders and one dealer in Sydney, around 25 million tons or about 20% of China's harvest this year was damaged by rains.
Ma Wenfeng, senior analyst at Beijing Orient Agribusiness Consultancy, said a lower share of China's wheat harvest - about 20 million tons - was unsuitable for high-quality milling, although a portion of it can be used after cleaning."Price is the main reason - it's really cheap," said Rosa Wang, analyst at Shanghai JC Intelligence Co Ltd, adding that
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