The million dollar question that is dividing wheat bulls and bears is how much grain China will have to import.
The US Department of Agriculture wrongfooted the markets by more than doubling its forecasts for Chinese wheat imports for the 2013-14 crop year from 3.5m tonnes to 8m tonnes. Last week’s estimate, the highest since 1995-96, lifts China to the second largest importer of wheat after Egypt and comes as ill-timed rains damaged the country’s wheat crop in Henan, Shandong and Hubei, according to the USDA.
China has been busy buying wheat from the US, Australia and Canada, but if traders are worried, it has not affected wheat prices.
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