Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
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Wheat, Cotton Rally on Export Business
Wheat prices rose over 2 percent Thursday as a jump in export demand fueled a rally in the Chicago commodity markets.

In other commodities trading, cotton prices hit their highest levels in two weeks as the government reported strong sales to overseas buyers in the week ended last Thursday.

The Reuters CRB Index of 17 commodity futures, widely watched as a gauge of raw materials demand, closed up 1.56 percent at 285.24 from its previous close of 280.86.

At the Chicago Board of Trade, wheat futures for March delivery jumped 6-1/4 cents or 2.2 percent to $2.96-1/4 per bushel as global demand picked up for U.S. wheat.

"For the last several weeks, the trade has been talking about how exports are the problem; we're not keeping up. And yet, in fact, we are," said Louise Gartner, owner of Spectrum Commodities in Beavercreek, Ohio.

In a weekly report, the U.S. Department of Agriculture said U.S. wheat export sales last week totaled 473,300 metric tons, surpassing industry forecasts of 250,000 to 350,000 metric tons.

Cuba, Iraq, and Japan were all buyers of U.S. wheat in recent days, good news for U.S. producers who face tough competition from other wheat-growing nations and large global wheat supplies, which are keeping prices under pr

essure. The rally stretched across the CBOT trading floor as March corn futures rose 3-1/4 cents to $1.98-1/4 per bushel and March soybeans gained 5-1/4 cents to $5.16 per bushel.

At the New York Board of Trade, March cotton futures shot up 1.67 cents to end at 44.74 cents a lb, the highest close for cotton on a spot basis since 46.78 cents on Jan. 26.

USDA said U.S. cotton export sales soared to a hefty 454,600 running bales last week, surpassing trade expectations of 300,000 to 400,000 bales. In a report, brokers Flanagan Trading Corp. said the brisk level of trade buying would suggest "that export sales are continuing at a strong pace."
MGR Archive 11.2.2005
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