On October 25, the State Council Information Office held a press conference to discuss the agricultural and rural economic performance for the first three quarters of 2024. Li Jinghui, a member of the Party Leadership Group of the Ministry of Agriculture and Rural Affairs, emphasized the critical importance of selling grain at favorable prices for farmers’ earnings this year and their motivation to plant crops for the next year. With autumn grain harvests rolling in across various regions, the market is gradually entering a peak purchasing season. The Ministry of Agriculture and Rural Affairs is collaborating with relevant departments to assess the purchasing situation for this year’s autumn grain.
Li pointed out that while China’s grain production has seen continuous growth over the years, supply and demand remain closely balanced. To stabilize the grain market and boost farmers’ willingness to grow crops, the country has been working to improve a comprehensive set of regulatory policies that include minimum purchase prices, reserve rotations, and tariff quotas.
Looking ahead, Li stated that the Ministry will closely monitor the dynamics of autumn grain purchases and sales. It aims to work with relevant departments to implement multiple measures for effective policy-based storage, market-oriented purchasing, and market regulation to keep grain prices at reasonable levels while ensuring farmers’ profits are protected. The efforts will focus on several key areas:
First, ensuring effective market pricing and reserve purchases. The ministry plans to implement the minimum purchase price policy for rice, launching market support purchasing in qualified areas as soon as possible to provide crucial support for prices. Recently, regions in Henan and Jiangsu have initiated support purchases for mid- to late-season rice, significantly boosting market confidence. Additionally, the China Grain Reserves Corporation has begun new-season corn reserve purchases in key production areas like Heilongjiang, with plans to expand purchasing locations and scale.
Second, enhancing service support. The ministry will coordinate on storage capacity, funding, and transport to optimize services for enterprises, encouraging various stakeholders to enter the market for grain purchasing. As demand from downstream markets increases, many processing enterprises are ramping up their operations and intensifying purchases of corn and soybeans.
Third, strengthening organizational coordination. The ministry aims to improve the coordination mechanisms related to grain purchases, enhancing cooperation across central and local governments as well as between different departments and regions to ensure comprehensive and effective action.
Fourth, bolstering information services. The ministry will prioritize policy interpretation and communication, providing timely updates on grain purchase progress and market information while actively addressing public concerns to facilitate a stable and orderly autumn grain purchasing market.
