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
Australia Medium Grain Rice #1 $ N/A    Egypt 101 #2 $760    Egypt 178 #2 Rice $730    EU Prices Baldo €660    EU Prices LG-A Ariete 5% €550    EU Prices MG Lotto 5% €500    EU Prices RG Balilla 5% €500    Russia Rapan $ 700    USA Jupiter Paddy $375    USA Calrose #1 Paddy $480    USA Jupiter Rice $630    USA Calrose #1 $830   

 Main Page
 Home Page of This Title
 Medium Grain Rice Market
 Global Market News
 Grain News
 Pulses News
 Global Overview
 Importers Profile
 Exporters Profile
 What Is Rice
 History Of Rice
 Rice Harvest Seasons
 Rice Processing
 Rice Nutrition Facts
 Meals With Rice
 INCO Terms
 US Rice Standards
 EU Codex Standards
 Egyptian Specs
 Sponsor List
 All Links
 Commodity Exchange
Search in news database
Wheat Gains as U.S. Exports Rise, Australian Drought Continues
(Bloomberg) -- Wheat prices rose to 10-year highs in Chicago and Kansas City on speculation demand will increase after Egypt bought larger-than-expected quantities of world supplies last week and drought continues to hurt Australia's crop.

Egypt announced 300,000 metric tons of wheat purchases Oct. 13, five times more than expected. U.S. export sales jumped 83 percent for the week ended Oct. 6 to 692,300 tons. Prices have surged 34 percent in the past month, reaching a 10-year high last week as drought slashed output more than 50 percent in Australia, the third-biggest exporter last year.

``It's a demand-driven market,'' said Dale Stahla, a broker with Sterling Trading Co. in Sterling, Colorado. ``World stocks are tight.''

Wheat for December delivery rose 17 cents, or 3.2 percent, to $5.425 a bushel on the Chicago Board of Trade, the highest close for the most-active contract since May 1996. Prices have gained 58 percent in the past year.

December wheat on the Kansas City Board of Trade rose 3 cents to $5.46, the highest close since June 1996. Prices have risen 17 percent in the past month and 44 percent in the past year after drought reduced U.S. production an estimated 14 percent and led India, the second-biggest producer and consumer of the grain, to import wheat for the first time in six years.

Wheat in Kansas City fell as much as 12 cents to $5.31 before rising in the last 10 minutes of trading.

Australian Crop Estimate

Australia, which had its driest August since the government started keeping records in 1900, will produce 11 million metric tons, down from 24.5 million last year, the USDA said on Oct. 12. Little moisture fell during the weekend and the five-day forecast calls for only small amounts of rain, according to Meteorlogix LLC, a private forecaster based in Lexington, Massachusetts.

Australian Prime Minister John Howard today said the government will spend A$350 million ($263 million) to help farmers in drought stricken eastern Australia. Farm income may fall to a 12-year low, said Westpac Banking Corp., the country's fourth-largest bank.

World wheat inventories are forecast at 119.3 million tons on May 31, 2007, down from 147.2 million at the end of May this year and the lowest since 1982, the U.S. Department of Agriculture said Oct. 12. Global demand will outpace production for the sixth year in the past seven, the department said.

The U.S. is the biggest exporter of wheat, followed by Canada. India may import as much as 6 million tons, making it the third-largest importer behind Egypt and Brazil.
MGR Archive 17.10.2006
Printer Friendly Version Of This Article
Send This Article To A Friend
User Name:
      Forgot your Password?
Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
Click for Details

Medium Grain Reports
Rice Market News
World Rice Markets and Trade
USDA Country Reports
Rice Market Monitor
Rice Outlook
Italian Paddy Supply
European Rice Weekly
EU Reports
Convert this amount:

  © 2002 All rights reserved. - Legal Notice