November 16, 2004

USDA Predicts Increased Global Wheat, Corn Production

The US Department of Agriculture is suggesting increased global production of wheat, soybean and corn.

It is forecasting a global wheat crop of close to 617 million tons, due to big crops in Europe and Russia.

Futures markets shrugged off the production increase, as traders had factored in the rise earlier, and were buoyed by strong US export sales.