With unseasonal rains in May destroying a substantial part of Chinese wheat crops, the country has rushed into the Australian wheat market, buying close to 1.5mn tonnes of the grain in the last four months
The splurge has sparked hopes among Australian grain traders that
The US Department of Agriculture, two weeks ago, raised its forecast for China's total grain imports from 3.2mn tonnes last year to 8.5mn tonnes in 2013-2014, as the Asian nation turned to imports to fill the looming shortfall between production and demand.
Traders and analysts have now estimated
Grain purchases of this scale may see
The soaring Chinese wheat purchases may lift global prices of the grain by about 10 per cent in the next few months, a Times of Malta report has claimed.