China has accumulated more than half of the world’s grain reserves

China in the current season managed to accumulate more than half of the world’s stocks of corn and other grains.

NIKKEI Asia writes that this has led to a sharp rise in prices on the planet and hunger in several countries, ProAgro Group reports citing UNIAN.

China maintains its food stocks at a historically high level. Its wheat reserves can meet domestic demand within a year and a half.

According to the USDA, in the first half of 2022, China is expected to concentrate 69% of world stocks of corn, 60% of rice and 51% of wheat.

The U.N. Food and Agriculture Organization’s food price index was about 30% higher in November than a year earlier. China’s hoarding is one of the reasons for food price spikes.