托市收购重启，麦价有望企稳

Core Viewpoint - The reintroduction of the minimum purchase price policy for wheat in Henan province aims to stabilize market prices and support farmers amid declining wheat prices during the harvest season [6][7]. Group 1: Minimum Purchase Price Policy - The minimum purchase price policy for wheat was initiated in Henan province on June 7, marking the first implementation since 2020 [6][7]. - The policy is designed to boost confidence among grain sellers and regulate market supply and demand, providing a price support mechanism [8][7]. - The total volume of wheat eligible for the minimum purchase price this year is capped at 37 million tons, accounting for approximately 28% of the national wheat production [7]. Group 2: Current Wheat Market Conditions - As of June 5, over half of the national wheat harvest has been completed, with significant progress in provinces like Hubei and Sichuan [2]. - The average price of wheat has decreased by approximately 1.64% from 1.23 yuan per jin on May 14 to 1.21 yuan per jin on June 9 [3]. - The current market is characterized by strong supply and weak demand, leading to downward pressure on wheat prices [3][5]. Group 3: Regional Production Insights - In Henan, wheat yields vary significantly, with some areas experiencing reductions due to drought, while irrigated regions maintain stable or increased yields [3][4]. - Farmers are exhibiting mixed selling behaviors, with some opting to store their wheat for later sale, anticipating higher prices in winter [4][5]. - The overall quality of this year's wheat crop is reported to be good, with high protein content and low toxin levels [2].