Wheat Rally Again as Global Demand for U.S. Grain Increases
(IBTimes) - Wheat increased again for the first time in four days boosted by concerns that importers will increase purchases from the U.S.
Wheat had declined to as low as $7.765 a bushel yesterday.
Wheat futures for July delivery increased by 1.7 percent or 13.5 cents to $8.035 a bushel on the Chicago Board of Trade.
Wheat Prices increased by 62 percent in the past 12 months, posting the highest gain of $13.495 on Feb. 27 following an increase in world demand that was forecast to surpass production.
Wheat price gains were also attributed to concerns that cold weather in the central part of Kansas, the biggest winter wheat-producing state may damage crops.
According to the USDA report, winter wheat conditions greatly improved, easing concern that global inventories will decline.
Worldwide wheat stockpiles were forecast to fall to 112.5 million metric tons in the year ending May 31.
The U.S. Department of Agriculture (USDA) said that U.S. export sales of the grain increased by 12 percent in the week that ended April 24.
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