China's state grain reserve enterprises are expected to purchase about 420 million tons of grain in 2024, exceeding 400 million tons for the second year in a row, Xinhua reported.
China's grain production in 2024 reached a record high of 706.5 million tons, up 1.6 percent year-on-year. According to the National Bureau of Statistics, the country's grain harvest in 2024 exceeded 700 million tons for the first time.
According to the National Conference on Food and Strategic Reserves, the country has strengthened the organization and coordination of grain procurement and taken numerous measures to simplify grain sales channels for farmers.
Grain procurement, along with the policy of setting a minimum grain purchase price, is an important part of China's macro-control measures, as it plays a key role in ensuring national food security, maintaining food price stability, protecting farmers' interests, and ensuring emergency supplies.
According to Liu Huanxin, Director of the State Food and Material Reserves Administration of the People's Republic of China, autumn grain procurement is currently accelerating, and the peak corn purchasing period is beginning in the northern and northeastern regions of the country.
As the volume of reserves increases, the scale of China's grain storage facilities is also increasing year by year, which can effectively meet the need for grain storage.
By the end of 2023, the country's standard warehouse capacity in good condition exceeded 700 million tons, up 36% from 2014.
Recall that according to the forecast of the International Grains Council (IGC), China will purchase 10.4 million tons of wheat from the foreign market in the 2024/25 season.