- CNTV English - CCTV News

Wheat prices drop on abundant China reserves

02-16-2011 11:31 BJT

Beijing sought to allay global fears that a possible reduction in its wheat output shall not push up world food prices, as the country has adequate grain reserves to meet demand.

The government has spared no efforts to help local farmers fight a severe drought that hits the northern and eastern wheat-growing land. Last week, Beijing said it had budgeted up to $1 billion to farmers to fight the dry spell.

World wheat prices fell 3.6 percent yesterday, after Beijing said it has sufficient grain reserves to satisfy market demand. China's assurance greatly eased concerns that the dry spell could aggravate the tight global wheat supply heading into the spring planting season.

China's Foreign Ministry spokesman Ma Zhaoxu told reporters at a regular news conference yesterday that China has plentiful reserves following seven years of bumper harvests and that recent drought conditions in the wheat belt "will not affect international food prices."

The crippling drought in northern China, China's major wheat-growing land, has caused considerable concern abroad. The World Agricultural Organization issued a warning on a possible wheat reduction last week.

Global wheat prices have spiked in recent days, with some analysts pointing to China's drought and concerns that China would be forced to import wheat to meet domestic demand.

Data released Tuesday showed China's consumer prices rose 4.9 percent in January, driven by a 10.3 percent jump in food costs, and a 6.8 percent rise in housing prices and rentals.

Editor:Du Xiaodan |Source: People's Daily

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program