Wheat-crop conditions are improving in China, the world’s largest grower, cutting the risk that the country may need to increase imports after drought hit producing areas, Rabobank International said.
“China will remain self-sufficient in terms of wheat supply,” said Lief Chiang, a Rabobank analyst based in Shanghai. Trade will be limited and most imports will be the high-protein variety, he said in an e-mailed response to Bloomberg questions.
Wheat climbed 73 percent in the past year and advanced to the $9.1675 a bushel on Feb. 14, the highest level since August 2008, on concern the worst drought in 60 years would cut winter- wheat production in China, draining global inventories. The country, also the top consumer, bought 116,000 metric tons from the U.S. in the week to March 17, the most for any week since July 2005, according to the Department of Agriculture.
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