Rice prices in Hubei Province drop significantly, bran prices stable with slight increases

According to a survey by the Hubei Provincial Grain and Oil Information Center, from April 6 to April 12, the state continued to intensify its efforts to reduce stockpiles. This week, a cumulative total of 2.4 million tons of rice from the 2013-2014 crop year and 1 million tons of rice from the 2015-2016 crop year were released, bringing the total weekly release volume to as much as 3.4 million tons. Affected by this, rice prices within the province fell significantly this week. The average purchase price of national standard grade-three mid-to-late indica rice was 1.26 yuan/jin, down 0.04 yuan/jin from the previous period. The average market purchase price of high-quality indica rice within the province was 1.48 yuan/jin, down 0.02 yuan/jin from the previous period. In the Huanggang area, the average purchase price of Huanghuazhan was 1.46-1.48 yuan/jin. The rice market was sluggish, with supply exceeding demand, and the rice market is expected to have little opportunity for price increases in the short term.

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On the wheat front, the National Grain Trading Center will again adjust the floor prices for the sale of some policy-related wheat starting next week. Among these, the floor sale price for minimum purchase price wheat from the 2014-2016 crop years will be adjusted to 2,350 yuan/ton, a reduction of 60 yuan/ton, bringing the cumulative reduction since the beginning of this year to 110 yuan/ton. The renewed downward adjustment of the market-support wheat price will undoubtedly further worsen the bearish impact on the market. This week, wheat prices within the province weakened further. The average market purchase price of national standard grade-three wheat was 1.24 yuan/jin, down 0.01 yuan/jin from the previous period. Recently, influenced by flour mills' strengthened intention to hold prices firm, combined with increased bran usage by feed enterprises, demand has improved somewhat. In some areas, bran prices have seen a slight rebound, stable with slight increases. The average ex-factory price within the province was 0.82 yuan/jin, up 0.01 yuan/jin from the previous period.

Note: Source: Official website of the Hubei Provincial Department of Agriculture