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Commodities
Harvest forecasts for wheat and maize reduced
11.10.2012 · Stocks of wheat are expected to fall globally by 2.1 percent to 173 million tons. That the U.S. Department of Agriculture has announced in its harvest forecast. For soybeans, however, the relaxed position.
Wheat prices rose
The U.S. Department of Agriculture released its crop forecast for soybeans, wheat and corn. Especially for wheat, the situation remains tense. The stocks in the world will fall to the USDA estimate by 2.1 percent to 173 million tons.
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The causes of the next record-breaking heat in the United States and unfavorable growing conditions apply in the major producing countries Russia and Australia. The bushel (about 35.23 liters) increased in price after the announcement by 15 cents to about $ 8.82. Since mid-June, the start of the drought in the United States, wheat has already risen by about 50 percent.
Corn has become more expensive since the middle of June up to 50 percent
Slightly better is the situation for corn. While the harvest is down by 0.2 percent to about 272 million tons, but the incision is made less drastic than was expected. Again, the prices have risen since the middle of June up to 50 percent. Following the announcement of USDA figures corn more expensive again by more than 30 cents to about $ 7.65 now yes bushel.
In contrast, soybean relaxes the situation. It is expected a crop of about 75 million tonnes, down 9 per cent more than was forecast in August. It also exceeds the estimates of analysts. Currently costs about $ 1.55 a bushel.
