Wheat prices continued lower this week but may be nearing a bottom as prices in many areas approach the government minimum purchase price of 2360 yuan per ton.
Hubei is slightly higher, but Henan is at 2370 yuan per ton and some areas of Hebei are at 2366 yuan per ton. The market view is that prices are unlikely to continue lower but have no basis to increase. Stockpile auctions and purchases have increased. Demand has increased ahead of the holiday, but supply is still very large so the increas...