Wheat climbed the most in almost two weeks as the declining dollar makes grain from the U.S., the world’s biggest shipper, more attractive to overseas buyers and as a hedge against inflation.
Wheat futures may jump 8 percent by the end of March if a declining dollar drives the grain past a key level, according to Derek Lewis, a ClearTrade Commodities trader in Chicago.
Russia’s sea ports handled 77.4 million metric tons of cargo in January-February, an increase of 7.9% compared with January-February 2009, according to figures released Monday by the national association of sea ports.
Soybeans rose after an industry report showed increased demand from U.S. makers of animal feed and vegetable oil. Corn fell for an eighth session, the longest slump since 2005, on slowing demand for U.S. grain.
Wheat fell on speculation that a stronger dollar will curb demand for U.S. supplies as favorable weather improves the outlook for the winter crop in Kansas, the country’s largest grower.
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).
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.