09:16, 29.06.2009 — Новости
автор: OilWorld.Ru

DJ China New Wheat Prices Higher As Farmers Reluctant To Sell (ENG)


BEIJING (Dow Jones)--China's new wheat prices in the major producing areas
were higher in the week to Monday as farmers were reluctant to sell, while old
wheat prices remained mostly stable.

  New wheat prices in Anyang in Henan province were around CNY1,880 a metric
ton, up CNY80 from a week ago.

  New wheat prices in Dezhou in Shandong province were at
CNY1,840-CNY1,870/ton, higher than CNY1,800-CNY1,820/ton a week earlier.

  Farmers were still busy with summer planting and didn't have the time to sell
new wheat in large volumes, while China Grain Reserves Corp. started to
purchase wheat for reserves.

  They were also reluctant to sell as wheat prices usually rise after the
harvest on the government's minimum purchase prices, said China National Grain
and Oils Information Center in its note.

  Meanwhile, the quality of wheat this year isn't as good as last year due to
bad weather during the harvest, and this may push up the prices of better
quality wheat, said Hai Yang, an analyst with Zhengzhou Esunny Information &
Technology Co. Hai added this year's output could be the same as last year.

  Low-quality wheat can only be used as feedmeal or for industrial use.

  Last week, the government sold 263,600 tons of old wheat it had earlier
purchased under the minimum purchase price program, or 18% of the 1.49 million
tons it planned to sell.

  Trading during the weekly auctions has been sluggish with the market focus
now on new wheat.


  -Zheng Xiaolu contributed to this story, Dow Jones Newswires; 8610 6588-5848;
tracy.zheng@dowjones.com


  

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