China to raise minimum price of government purchased wheat, agri shares rise
China's economic planner, the National Development and Reform Commission (NDRC), today announced that it will raise the minimum purchase price the government pays for wheat in the country's major wheat and rice production regions next year.
The NDRC said in an announcement on its website that in order to promote farmers' interests and grain production the minimum purchase prices for white wheat and red wheat will be increased by RMB3 to RMB90 and RMB86 per 50 kg, respectively.
Agriculture shares gained 2.41 percent on average at the news.
Xinjiang Talimu Agriculture Development Co., (SHA:600359) surged to the 10 percent trading cap. Yuan Longping High-tech Agriculture Co., (SHE:000998), a seed producer, climbed 1.35 percent. Xinjiang Sayram Modern Agriculture Co., (SH:600540）added 3.0 percent.
In Hong Kong, Century Sunshine Group Holdings Limited (HKG:0509) and Ko Yo Ecological Agrotech (Group) Ltd. (HKG:0827) both climbed 3.5 percent. Sinofert Holdings (HK:0297), the listed unit of Sinochem, China's biggest fertilizer maker, rose 1.71 percent.
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