Sinograin announced it would initiate purchases of wheat at the government’s minimum floor price of 2380 yuan per ton in Henan starting on Tuesday, August 11.
This puts a floor under prices with Sinograin buying wheat at 2380 yuan per ton, but only for wheat that meet specifications.
There are challenges this year due to poor quality following rains at harvest. The floor price requires that the wheat meets stockpiling standards, and that has been more difficult this year. Stockpilers, especially...