China Hoards Over Half the World's Grain, Pushing Up Global Prices

 

SHIN WATANABE and AIKO MUNAKATA, Nikkei staff writers

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.

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.

Food prices are on the rise around the world. The food price index, calculated by the U.N. Food and Agriculture Organization, in November stood about 30% higher than a year earlier. "Hoarding by China is one reason for rising prices," said Akio Shibata, president of the Natural Resource Research Institute in Tochigi Prefecture, north of Tokyo.

https://asia.nikkei.com/Spotlight/Datawatch/China-hoards-over-half-the-world-s-grain-pushing-up-global-prices