China, the world’s biggest consumer
of wheat, bought almost 1 million metric tons from the U.S. as
prices slumped 30 percent from a four-year high reached in July,
state-owned researcher grain.gov.cn said. Wheat jumped as much
as 1.4 percent after the news.
The country on April 4 ordered 14 to 16 cargoes of so-
called soft red winter wheat to be shipped from the
Gulf of
Mexico in the second half, the Beijing-based researcher wrote in
a report today. Panamax-sized vessels that carry wheat typically
take cargoes weighing about 60,000 tons.
Imports may reach a “relatively high level” in the
2013-2014 marketing year, after reaching a projected 3 million
tons in the current year, according to the report.
U.S. soft red winter wheat, including cost and freight, was
quoted between $325 and $330 per ton on arrival at Chinese ports
on April 5, equivalent to between 2,430
yuan a 2,470 yuan a ton
after tax, according to the report. At Guangzhou port, the price
of domestically produced so-called Jiangsu red wheat cost about
200 yuan more, according to grain.gov.cn., which is a unit of
the China National Grain & Oils Information Center.
Wheat for May delivery added as much as 1.4 percent to
$7.0875 a bushel on the Chicago Board of Trade and was at $7.06
at 11:33 a.m. in
Singapore on volume almost double the 100-day
average for that time.
11:55 AM
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