World Agrinews

Black sea wheat prices are likely to be under pressure this year amid large inventories and may test $155-$160 a metric ton, free-on-board, a senior industry executive has said.

Wheat prices fell to a three-month low on signs of slack demand for grain from the U.S., the world’s biggest shipper, and rising global inventories.

The European Commission has approved 13 programmes in 11 Member States to promote milk and milk products in the European Union. The total budget of the programmes, running for a period of three years, is € 35.8 million of which the EU contributes € 17.9 million. This was one of a set of measures proposed by the Commission in July 2009 to address the difficult market situation faced by the dairy sector (see IP/09/1172 ). The Commission committed itself to adopt an additional round of dairy product promotion programmes on the internal market.

Wheat fell, marking the biggest weekly loss in 13 months, on concern that increased global production will boost inventories and curb demand for exports from the U.S., the world’s biggest shipper.