PARIS/HAMBURG: Buyers from China purchased large volumes of Australian and French wheat this week in a sign that the Asian country is taking advantage of a recent dip in prices to fill its large needs, European traders said on Friday.
Traders reported purchases of around 1 million tonnes of Australian wheat, both for animal feed and flour milling, this week for shipment periods between September and March.
In addition China bought at least two shiploads, possibly up to seven, of French wheat this week for shipment between September and November, they said.
The French purchase involved low-quality wheat of 10.5% protein for at least two of the shipments, the traders said. “China has been buying in France and Australia this week. The biggest volume was in Australia but I think more is set to be bought in France,” a trader said.