SunSirs: High Wheat Prices Rose again in China in October

According to the monitoring of SunSirs, the domestic wheat market price rose again in October. The average price on October 1 was 3,016.00 RMB/ ton, and the average price on weekends was 3,120.00 RMB/ ton, up 3.45% in the month.

After the listing of new season corn, most domestic trade subjects turned their attention to autumn grain. The supply and demand of wheat market was stable on the whole. At the end of September, the minimum purchase price of wheat in the new year was raised. At the beginning of October, the auction price of national wheat reserve was restarted and the overall transaction was hot. Under the policy boost, the trade subjects were bullish again, and the overall price of domestic wheat market was high and strong

Affected by the continuous downturn of terminal flour demand and the relative sufficiency of wheat stocks of domestic flour enterprises, the overall acceptance of terminal enterprises was poor after the rapid rise of wheat prices. In the middle of the year, the overall price of domestic wheat market rose slightly and fell back, then moved forward with high shock.

On September 30, the National Development and Reform Commission and others announced the minimum purchase price of wheat in 2023. With the approval of the State Council, the minimum purchase price of wheat (third class) produced in 2023 was 1.17 RMB/half kilo, an increase of 0.02 RMB/half kilo year on year.

SunSirs wheat analysts believed that: in general, the overall domestic wheat inventory was sufficient, the downstream flour demand was stable, the overall supply and demand of the wheat market was stable, the market was long and short, and the overall rise and fall of the wheat market price in the future was limited. It was expected that the overall China domestic wheat price would move forward slightly in November near 3,100 RMB/ ton.

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