Hubei province in central China reported that average wheat prices are 3,110 yuan per ton, up 28 yuan per ton over the past week, and up 14% over the past year.
Prices originally eased over the summer but have recently started to rise sharply.
Flour processors in the region are estimated to have around two months’ worth of stocks and are cautious about buying wheat due to lackluster flour demand and relatively high prices.
Hubei’s Ministry of Agriculture also notes increased concerns about availability of imported rapeseed although cash prices were flat over the past week.
Canadian Prime Minister Trudeau is currently on a 10-day trip around Asia where he is expected to take a tougher stance against China. Last week, Trudeau said China had interfered in Canadian elections, raising worries of trade-related retaliations.
