China Snaps Up Australian, French Wheat as Crop Damage Spurs Buying Spree

China is set to import record volumes of wheat this year, trading sources say, with rain damage to its crop and worries over dry weather in exporting nations fueling Beijing's appetite to buy while prices are low. Traders said China's frantic buying is likely to support global prices, which have dropped more than a quarter this year - based on the Chicago futures benchmark price - amid abundant supplies from top exporter Russia.

Read more about Chinese wheat imports here