The Shandong Provincial Branch of the Agricultural Development Bank of China (ADBC) plans lending of 5 billion yuan in 2009 to support minimum price procurement of 2.86 million metric tons of wheat to stabilize supply. Funds for wheat procurement are to rise 130% from the previous year and the amount procured with those funds is up 125% for a new record amount.
As of November, the total lending for 2008 by the Shandong ADBC totaled 16.57 billion yuan ($2.45 billion) to support enterprises' procurement of 8.26 mmt of grain, 294,000 mt of cotton, 90,000 mt of edible oils to maintain normal procurement and supplies.
Retired USDA economist Fred Gale peers through the "dim sums" of puzzling data that don't add up to provide insight about China's agricultural markets in bite-size pieces like Chinese "dim sum" snacks.
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