July 17, 2012

CBOT wheat futures surge over 4%

Chicago Board of Trade wheat futures surged more than 4% on Monday (July 16) to a 1-1/2year-peak where corn and soy prices have jumped due to a heat wave and US Midwest drought and Black Sea region's weather issues.

Wheat prices in Western Europe rose sharply on Monday (July 16) while rapeseed futures in Paris hit an all-time high as weather woes, most notably in the US and the Black Sea region fuel led buying.

Private exporters reported the sale of 107,214 tonnes of US wheat to Japan for delivery during the 2012-13 marketing year, the Agriculture Department sale on Monday (July 16).

USDA on Monday (July 16) said 14.913 million bushels of wheat were inspected for export last week, nearly the same as the 14.942 million the previous week.

Australian wheat stocks at the end of June were down 14% form a month earlier at 14.1 million tonnes, government data showed on Monday (July 16), as exports from the world's fourth-biggest shipper picked up pace.