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China to raise minimum purchase price for wheat in 2010

(Xinhua)
Updated: 2009-10-13 14:13

China will raise the minimum purchase price for wheat in the country's major wheat and rice production regions in 2010, the National Development and Reform Commission (NDRC),the economic planner, said on Tuesday.

Related readings:  Wheat price slide to boost biofuels  Wheat and rice purchase price up by 0.22 yuan and 0.26 yuan  Wheat price surge confounds experts  China raises minimum purchasing price for wheat, rice

The NDRC said in an announcement on its website that the minimum purchase prices for white wheat and red wheat will be increased by 3 yuan ($0.44) from the 2009 level to 90 yuan and 86 yuan for every 50 kg, respectively.

The move aimed to protect farmers' interests and promote grain production, according to the NDRC.