Domestic wheat price trend

The domestic wheat market price remained stable at a high level last week. The average price at the beginning of the week was RMB 2656.00/ton, and the average price at the weekend was RMB 2656.00/ton. The overall price remained stable.

Since October, supported by the lack of circulated grain sources in the domestic wheat market, domestic wheat market prices have continued to rise at a high level. On the 14th, the state announced the minimum wheat purchase price. As domestic corn prices continue to fall, the use of wheat for feed substitution has continued to decline. In addition, the State Reserve wheat auction was re-launched, and the State Reserve wheat was exported to ensure market supply. Under policy control, the domestic wheat market price stabilized after the overall rise.

On October 14, the 2022 minimum purchase price policy for wheat was announced. The minimum purchase price for third-class wheat is 115 yuan per 50 kg, which is an increase of 0.02 yuan/kg from 2021.

Forecast

The demand for terminal flour continues to be sluggish, wheat prices continue to be high, manufacturers are cautious in purchasing and selling, and the policy is that wheat is once again out of warehouses to ensure supply and stable prices. The price of wheat continues to rise, and the overall price of wheat is in a dilemma. It is expected that domestic wheat market prices will continue to be in the short term The current level fluctuates slightly and moves forward.

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