China Sets Early Minimum Purchase Rice Price

According to a joint statement published on the Chinese National Development and Reform Commission's website, the Chinese government has set the minimum purchase price for early rice at CNY1,540 PMT.

According to the statement, the minimum purchase price program will be implemented in five major producing provinces namely Anhui, Jiangxi, Hubei, Hunan and Guangxi.

Government reserve houses will buy early rice at the minimum price from July 16-September 30 if the prices of newly harvested rice fall below the minimum price.