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China buys 1 mln tons of wheat from US grain suppliers - report
AFX - Asia, February 19, 2004
A Chinese delegation in the US, lead by COFCO chairman Zhou Mingcheng and officials from the National Development and Reform Commission (NDRC), has signed contracts to buy 1 mln tons of wheat from US grain suppliers, with more contracts in the pipeline, China Central Television (CCTV) reported.
CCTV did not provide details on the value of the contracts or the timetable for delivery of the wheat.
During the one-week visit, which began on Feb 15, China National Cereals Oils and Foodstuff Import & Export Corp and the NDRC will discuss new wheat-purchasing agreements and finalize shipping arrangements for earlier purchases, CCTV said.
Xinhua news agency quoted Zhou as saying that the delegation hopes to buy more than 2 mln tons of wheat during the trip.
China has already signed contracts to buy 1.085 mln tons of US wheat for delivery in 2003-04 and 910,000 tons in 2004-05, the agency said, citing figures from the USDA.
However, Zhou said China would not rely on wheat imports to feed the country's population.
"China attaches great importance to agricultural development and increasing the income of farmers. It is inconceivable that a country of 1.3 bln people will rely on others to feed them," Zhou said.
If China relies on itself, it will be a great contribution to the global economy and mankind. If China, with its 1.3 bln people, has to rely on imports to feed its people, it will be a very great problem to the world."
MGR Archive 19.2.2004
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Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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