China Buys US Wheat for Reserves
Tue Apr 9, 2013 07:30 AM CDT

BEIJING (Dow Jones) -- China National Grain Reserves Corp. bought more than 700,000 metric tons of soft, red winter wheat from the U.S. in the past weeks taking advantage of recent lower prices, trading executives said.

The company also known as Sinograin bought the wheat for reserves, a trader with a state-owned grain trading house said on Tuesday.

Domestic wheat prices have increased about 15% so far this year. Part of the reason is that government stocking last year tightened supply.

"Sinograin is now more flexible than before; when there is profit they will import," the trader said.

Near-month wheat ...

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