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Australian Wheat Sales to China Increase to Five-Year High, CBH Group Says
23.07.2010 11:34 "Agro Perspectiva" (Kyiv) —
Australian wheat exports to China, the world’s biggest grains consumer, have advanced to the highest level in five years as the country replenishes its inventories, CBH Group said.
The shipments were probably «slightly» more than 700,000 metric tons since the start of November, said Matthew Rutter, Head of Trading at CBH Grain, part of the group and Australia’s largest grain exporter. Wheat sales in bulk were about 200,000 tons in the year ended Oct. 31, according to company data.
Wheat futures in Zhengzhou have climbed 10 percent this year on speculation there may be a supply shortage after cold hurt crops in the world’s most populous nation. China will offer 5 million tons for sale tomorrow and the government says there are ample reserves, maintaining grain stockpiles of about 40 percent of consumption.
«It’s really just stocking up their stores, I would say, rather than any shortfall,» Rutter said in an interview in Perth yesterday. «I would expect they would continue to take advantage of prices they think are attractive,» he said today by phone. «They are a hard market to get a sense of what their future demand will be.»
China is also increasing corn imports, pushing them to the highest level in 14 years, and selling from inventories to cool prices that have stoked inflation concerns. Rice production, the world’s biggest, may drop by 10 percent because of damage from rains and pests, industry website cngrain.com said July 20. The country is the world’s largest soybean importer.
Australian wheat shipments to China this year are heading for highest level since 2004–2005, according to CBH Group.
China will probably import 1.3 million tons of wheat in 2009–2010, the most since 6.7 million tons in 2004–2005, and purchases may be 900,000 tons in 2010–2011, according to the U. S. Department of Agriculture.
Wheat for September delivery on the Chicago Board of Trade dropped 0.3 percent today to $5.8675 a bushel. The most active contract soared 37 percent since June 9 as lack of rain in Russia, Kazakhstan and the European Union and floods in Canada hurt crops.
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