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China Buys Canadian Wheat
07.07.2010 12:57 "Agro Perspectiva" (Kyiv) —
The Chinese are going to make their largest wheat purchase from Canada in five years.
A memorandum of agreement has been signed for 500,000 metric tonnes of wheat by the end of 2011. At current market values, the sale is worth an estimated $130 million.
The deal was signed on Saturday at the World Expo in Shanghai. It also marked the Canadian Wheat Boards 75th anniversary and the half century sales relationship between the two countries. Over the past 50 years, China has imported more than 120 million tonnes of western Canadian wheat and barley. That was enough grain to make 279 billion loaves of bread and 55 billion bottles of beer.
Earlier this year, China agreed to purchase a minimum of 500,000 metric tonnes of Canadian malting barley over the next three years.
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