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Rainstorm affect agricultural sector

06-29-2010 14:20 BJT

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The heavy rainstorms are also having a disastrous effect on the region's agricultural sector. Some agricultural production companies are struggling, but others are reaping the unexpected benefits of the excess rainfall.

China's largest hybrid rice seeds company -- Yuan Longping High-Tech, named after its founding scientist -- is feeling the force of the relentless rainstorms. It says their seed production may drop, as their rice business is largely based in rain-affected Hunan and Jiangxi provinces.

Board Secretary of Yuan Longping High-Tech said "Production volume is affected. But we haven't got an accurate figure."

In April, the seed company shifted their focus to corn production. Its production volume of corn seeds this year could reach 10 million kilograms. This new strategy has diversified their risks.

Citic Security analyst Mao Changqing has just returned from Hunan. He says the price for hybrid seeds is currently on a upward trend, and might continue to rise.

Mao Changqing, Analyst of CITIC Securities said "Heavy rainstorm has brought down the production volume of hybrid seeds. But the price will rise. I predict the price might increase by 10 percent."

But there are some who are getting an unexpected boost from the rain. Sugar producers in Guangxi Zhuang Autonomous Region were hit by drought in the first season of this year. But their fears of a drop in production have been eased by the heavy rainfall.

Mao Changqing, Analyst of CITIC Securities said "Sugar cane production was affected by the drought. But the rain might balance the impact."

The price of sugar on Sunday was at 5,160 yuan per ton, 100 yuan more than that of the same period last year. Analysts say the price might drop as the production of sugar cane will catch up with the loss brought on by the drought.

Editor:Xiong Qu |Source: CCTV.com

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