China: Ministry of Ag predicts veg prices will show seasonal increase during Spring Festival

The Ministry of Agriculture recently organized a news conference that focused on the market for agricultural products. They circulated current prices and market conditions for agricultural products in 2017, and analyzed current, problematic issues on the market for agricultural products. 

These issues include such questions as how much did recent weather influence the price of vegetables, and to what extent will the extreme weather influence vegetable supply during Spring Festival. The department head of the Department for Market and Economic News in the Ministry of Agriculture, Tang Ke, stated that the overall supply conditions are fairly hopeful, if later there will not occur similar wide-ranging, long-term extreme weather conditions. He estimates that vegetable production and supply will gradually improve. The vegetable supply for Spring Festival is guaranteed. The prices will show a seasonal increase.

In his presentation Tang Ke stated that overall this period of low temperatures, snow, and rain will certainly influence the production of vegetables in Jiangnan, south China, and along the Yellow River, Huai River, and coasts, as well as their appearance on the market. This will temporarily influence the transport of southern vegetables to the north, and it will cause a divergence in vegetable prices between southern and northern production and marketing areas. Individual product varieties may show large fluctuations. Looking back on recent trends, he estimates that for a brief period the vegetable production in stricken areas will need time to recover, so the prices of vegetables transported from nearby areas will remain higher.

Source: - Finance and Economics Channel

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