Wheat Climbs on Speculation China to Boost Purchases; Corn Gains
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Wheat futures jumped to a four-week high on speculation that China, the world’s biggest consumer, will increase imports to curb record domestic prices. Corn and soybeans also rose.
China may sell grain from stockpiles and ask state-owned companies to import more to curb rising prices, Shi Wei, an analyst for Shanghai JC Intelligence Co., said today. Wheat in central Henan province rose 3.4 percent this month to a record 2,760 yuan ($451) a metric ton, data from China National Grain & Oils Information Center show. China may triple imports this year, the U.S. Department of Agriculture said Sept. 12.