China has set its minimum support price for grade 3 wheat produced in 2018 at Yuan 2,300/MT ($345.94/mt), down Yuan 60/mt from current level- the first time a downward revision was made since the policy began in 2006. The MSP was set after estimating farm costs, supply and demand, as well as domestic and international market price trend and overall industry development, the country’s top economic body National Development and Reform Commission said in statement Friday. China’s wheat MSP has been unchanged since 2014, at Yuan 2,360/MT for major wheat producing areas, despite a large overhang in global wheat supply pushing down international prices since 2015. The country’s domestic wheat supply has been procured and stored by state-owned grain companies under the government’s MSP program since 2006, to help safeguard farmers income and ensure adequate food supply.