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First China was hit by the novel coronavirus.
Even before the flooding began, corn supply was getting tighter, mainly because of concern that a pest called the fall armyworm was spreading through China, according to the Meanwhile, prices for soybeans have also jumped. The (Bloomberg) -- China warned that the worst of the deluges that have led millions to be evacuated may be yet to come, after a third wave of floods formed in the upper reaches of the Yangtze River on Sunday.“The flood control and flood fighting situation is severe,” China’s water resources ministry said in a statement. And Vice Premier Hu Chunhua, who is in charge of the nation's agricultural affairs, Beijing has responded to the crisis with attempts to stabilize food prices and boost supply — including by tapping into strategic reserves of food.
The Kwanyin Temple stands in the flooded Yangtze River in Ezhou, China, on July 24.The Kwanyin Temple stands in the flooded Yangtze River in Ezhou, China, on July 24.China warned that the worst of the deluges that have led millions to be evacuated may be yet to come, after a third wave of floods formed in the upper reaches of the Yangtze River on Sunday.“The flood control and flood fighting situation is severe,” China’s water resources ministry said in a Authorities ordered the Three Gorges Reservoir to save its water-storing capacity in preparation for more flows, and forecast another three days of torrential rain in the southern region.China’s south has been battered by severe floods after water levels reached The Three Gorges Reservoir is expecting water inflows to surge to about 60,000 cubic meters per second by about Tuesday. The reservoir level was at 159.46 meters as of Monday, down from 164.18 meters about a week ago. Already, analysts point out that corn costs have been surging. The broader Yangtze River basin — which includes Poyang Lake and stretches more than 3,900 miles from Shanghai in the east to the Tibetan border in the west — accounts for 70% of the country's rice production.For farmers like Bao and his father, the damage has been devastating. Some 55 million people, including farmers like Bao, have been affected. The price of corn in China was 20% higher last month compared to a year ago, according to Chinese data provider SCI — the highest level in five years.Corn is used as feed for China's pig herds, which are repopulating as the country brings last year's African swine fever outbreak under control.
"22 Companies That Have Actually Benefited From the Pandemic'Everything is gone.' China’s south has been battered by severe floods after water levels reached records. "There are quite a few disasters this year.
But China pushed on.
"The crops have completely failed," Bao told CNN Business in an interview over the social media app WeChat, adding that his family has already lost roughly 200,000 yuan ($28,000) worth of produce. The flooding in China, meanwhile, could soon get worse: Heavy rainfall is expected through much of this month, and Chinese officials have warned that the flooding could creep further north, threatening the country's wheat and corn harvests.
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Beijing committed to buying billions of dollars worth of American goods as part of a truce in the trade war agreed in January.In the first six months of the year, China imported nearly 61 million tons of grain, up 21% from a year earlier, according to the most recently available Chinese customs data.
His father has already left home to look for other jobs now that there's no hope for another crop season this year.
That amount is based on losses recorded in mid-July in seven southern provinces that were hit particularly hard.Analysts at the Chinese brokerage firm Shenwan Hongyuan, meanwhile, recently estimated that China could lose 11.2 million tons worth of food compared to last year, given how much cropland was damaged by mid July.
Chinese President Xi Jinping recently "I came here mainly to check out the crops," Xi said in a video posted by state broadcaster CCTV.
Damage estimates released by analysts also don't include the potential loss of wheat, corn or other crops, which could be threatened should the flooding spread. China is also increasing imports — especially from the United States.
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Flooding in China ruins farmers and risks rising food pricesShow full articles without "Continue Reading" button for {0} hours. By this time of year, the rice growing on Bao Wentao's family farm should have been ready to harvest. So far this year, the agencies have released more than 60 million tons of rice, about 50 million tons of corn, and over 760,000 tons of soybeans, already surpassing the volumes released during the whole of 2019.Thanks to the release of those reserves, prices for rice have remained stable. Corn imports jumped 18% from a year ago, while purchases of soybeans and wheat also increased. I'm concerned about how crops are growing here in the northeast. But now everything is gone.
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