P.M. BRIEFING : China Buys Cut-Rate U.S. Wheat
China bought 330,000 metric tons of U.S. wheat at subsidized prices today, nearly depleting a U.S. offer of low-priced wheat that was made before the June crackdown on pro-democracy demonstrators.
The sale was worth about $49.5 million, based on prices at the Chicago Board of Trade. China is the world’s largest wheat importer and has purchased 4.63 million tons of U.S. wheat during the current marketing year.
The Agriculture Department gave Beijing the chance in February to buy up to 2 million tons of wheat at subsidized prices.
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