May 22, 2006

China sets floor prices for wheat prices in summer

China has set a floor price for wheat for the summer months in six producing provinces, the National Development and Reform Commission (NRDC), announced on Thursday (May 18).

The floor price for white wheat is set at RMB 1,440  (US$180) a tonne, while the floor for red wheat and mixed wheat is set at 1,380 RMB(US$172) a tonne in the major producing provinces of Hebei, Jiangsu, Anhui, Shandong, Henan and Hubei, the NDRC said.

The prices will be effective from June 1 through September 30, for purchases by the State Grains Administration and its local bureaus, it said.

Wheat prices in central China are currently between RMB1,370 (US$170.8)  and RMB1,450(US$ 180.8) , while in the south, wheat is at RMB1,540 (US$192)  to RMB1,560 (US$194.5).