Global wheat prices rise on speculation of reduced estimates of global stockpiles
09 Nov 2012
Wheat was up at a five-week high on speculation that the US government would reduce its estimate of global stockpiles in a report tomorrow as output dropped in Russia and France, Europe's biggest grower.
Global inventories ahead of the harvest next year, in the Northern Hemisphere would total 171.5 MT, less than last month's forecast of 173 million, according to a Bloomberg News survey.
France cut its production outlook and Russia was threatened with dry weather. Russia was the third-largest exporter of wheat after the US and Australia.
The US Department of Agriculture is to issue its monthly crop report today in Washington.
Wheat futures for December delivery were up 0.9 per cent to $9.0225 a bushel at 10:37 am on the Chicago Board of Trade, after peaking at $9.0325, since 1 October.
On NYSE Liffe in Paris, milling wheat for January was up 0.7 per cent to 277.5 euros a ton, after setting a record at 278 euros.
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