China Urges Its Citizens Not to Hoard Rice Amid Mounting Concern Over Global Food Supply

(Source Time) 

By Bloomberg-Government officials in China, the world’s biggest consumer and producer of rice, called on citizens not to hoard the grain after a recent ban on new export sales by Vietnam sparked concerns over global supplies.

The country holds sufficient rice and wheat stockpiles for one year of consumption, while imports of the cereals are only about 2% of domestic usage, Wei Baigang, an agriculture ministry official, said at a conference on Saturday. “Market supplies are ample and there is no need to hoard,” said Wei.

China increased supplies at regular state sales last week to 3 million tons of wheat and 1.2 million tons of rice to stabilize market prices, while the government will continue to sell corn from stockpiles after sales of nearly 3 million tons in February, said Qin Yuyun, an official with the National Food and Strategic Reserves Administration.

The country, also the world’s top soybean importer, will closely monitor the logistical situation in Brazil, Argentina and the U.S., and coordinate with these suppliers to mitigate potential disruptions to shipments because of the coronavirus pandemic, Wei said.

Brazilian soybean exports to China remain normal with an increase in shipments in March, said Wei. The Asian country is also likely to increase soybean imports from the U.S. as part of the phase one trade deal, he said. Soybeans are crushed into edible oil for cooking and animal feed.

The 1st Best Vietnam Rice Contest
The 1st Best Vietnam Rice Contest
The 1st Best Vietnam Rice Contest
National trade promotion delegation in the Philippines
National trade promotion delegation in the Philippines
National trade promotion delegation in the Philippines
National trade promotion delegation in the Philippines
National trade promotion delegation in the Philippines
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22/02/2024
Rice
Vietnam
Thailand
India
Pakistan
5% Broken
609 -19 611 -3 n/a 0 612 -1
25% Broken
584 -20 561 -2 n/a 0 570 -5
100% Broken
508 0 483 19 n/a 0 465 1

From 18/01/2024-25/01/2024
(VND/kg)

Rice
Max Price
Average
+/- Weekly
Paddy in the field
      9.150        9.000  -214 
Paddy at the warehouse     11.050      10.217  -271 
Brown rice grade 1     13.500      13.117  -546 
Milled rice grade 1      16.000      15.625  -650 
5% broken
    15.100      15.036  -236 
15% broken
    14.900      14.808  -200 
25% broken
    14.700      14.533  -192 
Broken 1/2     12.600      11.879  -129 
Bran
      6.700        6.500  -114 

Exchange Rate

16/02/2024
Currency Code Currency Name Units per USD
CNY Chinese Yuan Renminbi 7,19
EUR Euro 0,93
IDR Indonesian Rupiah 15657,24
MYR Malaysian Ringgit 4,78
PHP Philippine Peso 55,97
KRW South Korean Won 1333,93
JPY Japanese Yen 150,35
INR Indian Rupee 83,03
MMK Burmese Kyat 2098,57
PKR Pakistani Rupee 279,58
THB Thai Baht 36,01
VND Vietnamese Dong 24449,03