China Launches Purchase Program For Mid-Late Crop

According to a joint statement released by several Chinese government departments, the government of China has launched a minimum purchase price program for mid and late crop rice.

Government-owned grain reserve warehouses will buy mid and late crop rice in 11 major producing provinces at minimum purchase prices of either CNY1,580 or CNY1,640 PMT if local prices fall below those levels.

China started setting minimum purchase prices in 2004, to prevent farmers from suffering losses when local market prices for grain are low.