Global Wheat Soars To Four-Month Low On Concerns Over Argentina Crop The global wheat prices soared to close above $7 a bushel - striking their four-month highs as a wet forecast for Brazil, and a weak estimate for the Argentina crop, triggered massive buying in the commodity already buoyed by strong demand hopes. The US Soft red winter wheat for December soared around 3% to finish at $7.05 ¾ a bushel in Chicago on Friday, the highest close for a spot contract since June. Argentina government has estimated its wheat crop at 8.8m tonnes. The estimate was sharply lower than the 12 million tonnes estimated by the US Agriculture Department last month. Thoughts of strong demand for US wheat were also buoyed by a wetter forecast for Brazil for the rest of the month - a fillip for corn and soybean sowings, for which soil dryness has been a worry, but bad news for farmers attempting to harvest wheat Futures in hard red winter wheat, the key target for Brazilian import demand, added 2.6% to $7.68 a bushel in Kansas City for December delivery, the contracts highest close in a little over four months on Friday.
Posted on: Mon, 21 Oct 2013 06:37:12 +0000
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