July 13, 2007

USDA raises forecast on wheat prices

Officials from the US Department of Agriculture have raised their 2007/08 wheat price projections to more than US$221 a tonne or US$5 a bushel.

USDA also increased their forecast on the Australian crop.

The US wheat price forecast is on the upward trend amid tight US and global supplies.

The price is up 30 percents from the previous forecast.

Rains in Australia have the USDA hiked Australian wheat 23 million tonnes, up by 900,000 tonnes.