USW Statement on Chinese wheat purchase
(Posted on 27/05/20)
U.S. Wheat Associates (USW) President Vince Peterson issued the following statement about news of Chinese wheat import purchases.
“The USDA report today that Chinese buyers have purchased 340,000 metric tons, or about 12.5 million bushels, of U.S. hard red winter (HRW) wheat for delivery in the 2020/21 marketing year is very good news for U.S. wheat farmers. This is a significant purchase volume and the largest since China implemented retaliatory tariffs on U.S. wheat in March 2018.
“This purchase falls under China’s 9.64 million metric ton tariff rate quota (TRQ). China has agreed to work toward filling its TRQ for wheat imports. As USW has noted, if the changes are in fact implemented, and Chinese millers can respond to market signals, most of the TRQ should be used. U.S. wheat farmers are in a good position to help fill the TRQ given current export prices, relatively low freight rates and the ready supply of the wheat classes China needs.
“USW appreciates the efforts of both the U.S. and Chinese governments to reach the Phase One trade agreement that has helped re-open the door to U.S. wheat imports by China. We believe that China’s flour millers and growing baking industry want the opportunity to purchase high-quality U.S. wheat classes again and we hope this is only the beginning of a new, more productive trade relationship.”
U.S. Wheat Associates’ (USW) mission is to develop, maintain, and expand international markets to enhance wheat’s profitability for U.S. wheat producers and its value for their customers in more than 100 countries. Its activities are made possible through producer checkoff dollars managed by 17 state wheat commissions and cost-share funding provided by USDA’s Foreign Agricultural Service.
Oyu Tolgoi LLC has completed an updated feasibility study (OTFS20) and is in the process of submitting... Read more
RUSAL, a leading global aluminium producer, has published its annual Sustainability Report on the Hong... Read more
Cargill has joined leading players across the global maritime industry to launch the Maersk Mc-Kinney... Read more
Rio Tinto, Turquoise Hill and the Government of Mongolia have reached an agreement on the preferred... Read more
To help meet continuing high demand for hand sanitizer, ADM has announced it is significantly increasing... Read more
The National Grain and Feed Association (NGFA) in the USA and North American Export Grain Association... Read more
Rio Tinto has launched a board-led review of its heritage management processes within Iron Ore following... Read more
Statement from Michelle Manook, World Coal Association Chief Executive:“The World Coal Association... Read more
RUSAL, a leading global aluminium producer, has announced the commissioning of a new foundry complex... Read more
The World Steel Association (worldsteel) has released its Short Range Outlook (SRO) for 2020 and 2021... Read more