China Cuts Down Western Accusations of Hoarding Grain

China Cuts Down Western Accusations of Hoarding Grain

China Cuts Down Western Accusations of Hoarding Grain

By sweN TR

China Cuts Down Western Accusations of Hoarding Grain

US estimates suggest that China will have stockpiled over half the entire global supply of wheat (142 million tons) by the end of the 2021/22 market year, sparking accusations of hoarding and driving global prices up.

Beijing has denied the claims, despite posting new record high grain imports last year (the country’s domestic consumption of wheat stands at 147MN tons, while China posted all-time high agricultural deficits).

The state-backed Economic Daily suggested in January that China has enough rice and wheat to feed its 1.4BN population for 18 months, adding, “Western hype… is intended to blame China for global grain price hikes. But China has no reason to be blamed for the faults of others, and it must not.”

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