CCTV.com - CNTV English - CCTV News

Bumper harvest of Chinese grain to stabilize int'l market

05-30-2011 13:48 BJT

Watch Video

Play Video

China is the world's largest grain producer, and also the biggest grain consumer. So CCTV reporter Zou Yun takes a look at the impact of China's wheat harvest, on the international grain market.

The UN Food and Agriculture Organization has been paying close attention to China's grain situation for many years. This year's wheat harvest is expected by many to be a bumper season. The organization has made new forecasts on the world's grain supply.

Zhang Zhongjun, Assistant Representative of UN Food & Agriculture Organization said "The forecast for the wheat harvest this year is optimistic, judging from its current growth. The total output surpass that of last year, especially in China."

But just a few months ago, the forecasts from the same organization were a whole lot less bright. In February and March this year, the FAO warned that China may suffer wheat losses due to drought, and the reduction will then affect global wheat output. After the forecast was announced, the price of wheat rose steeply from a already-high level. In just half a year, wheat prices saw a dramatic 50 percent hike.

Zhang Zhongjun said "If China buys a large amount of grain from the international market, that will definitely impact global grain prices. But now China's wheat output looks steady and even growing, that's helping stabilize price expectations on the international market."

Experts also say expectations for China's wheat harvest will also impact the global economy. Grains are one of the basic products closely linked with the price of other commodities. The bumper harvest of Chinese wheat will go some way to stabilize global commodity prices and ease inflationary pressure.

Editor:Xiong Qu |Source: CNTV.CN

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