There are plenty of bearish signs for international wheat prices and little that’s bullish, yet prices are still susceptible to a short-term bounce, according to an analysis issued Friday by Commonwealth Bank of Australia (CBA.AU).
Ukraine exported 16.557 million metric tons of grain between the beginning of the current marketing year July 1, 2009 and March 2 this year compared with 16.307 million tons in the corresponding period in the previous marketing year, the Agriculture Ministry reported Friday.
Wheat rose for the first time in four days on speculation that a slumping dollar will revive demand for grain from the U.S., the world’s largest exporter.
Ending stocks of Canada’s grain and oilseed crops at the termination of the 2010-11 crop year will be slightly higher than what was projected in January but below the level forecast for 2009-10, Agriculture and Agri-Food Canada’s market analysis division said Wednesday.
Perfect growing conditions across much of Argentina’s farm belt are boosting the prospects for Argentina’s 2009-10 soy crop, the Buenos Aires Cereals Exchange said in its weekly crop report Thursday.
Wheat prices fell to a one-month low after the U.S. government said domestic inventories will climb to the highest level since 1988.
Coffee futures rose in New York, heading for the first weekly gain since last month, as inventories slid to lowest amount in seven years. Cocoa prices increased.
Wheat futures fell to a one-month low after the government forecast larger stockpiles in the U.S., the world’s biggest exporter.
Soybeans rose to a one-week high after the U.S. said inventories will be smaller than forecast and that China purchased supplies from American exporters.
Sugar futures continued their freefall, dropping to a seven-month low in New York, as output increased in Brazil and India, the top producers.