China hoards over half the world’s grain, pushing up global prices

China is maintaining its food stockpiles at a “historically high level,” says the head of grain reserves at the National Food and Strategic Reserves Administration. “There is no problem whatsoever about the supply of food.” DATAWATCH

Testy ties with U.S. and Australia could be prodding China to boost food reserves

SHIN WATANABE and AIKO MUNAKATA, Nikkei staff writers

DALIAN, China/TOKYO — Less than 20% of the world’s population has managed to stockpile more than half of the globe’s maize and other grains, leading to steep price increases across the planet and dropping more countries into famine.

The hoarding is taking place in China.

COFCO Group, a major Chinese state-owned food processor, runs one of China’s largest food stockpiling bases, at the port of Dalian, in the northeastern part of the country. It stores beans and grains gathered from home and abroad in 310 huge silos. From there, the calories make their way throughout China via rail and sea.

China is maintaining its food stockpiles at a “historically high level,” Qin Yuyun, head of grain reserves at the National Food and Strategic Reserves Administration, told reporters in November. “Our wheat stockpiles can meet demand for one and a half years. There is no problem whatsoever about the supply of food.”

According to data from the U.S. Department of Agriculture, China is expected to have 69% of the globe’s maize reserves in the first half of crop year 2022, 60% of its rice and 51% of its wheat…….More Here

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