Monday, January 3, 2011

Global Wheat news

A cargo ship is loaded with wheat in Rosario, Santa Fe province, Argentina

South American Heatwave Propels Crop Prices

Chicago--Idaho farmers are looking with interest to the scorching heat wave in South America. Farmers there are cutting harvest forecasts in one of the world’s key farm belts, that's spiking crop prices to two-year highs and feeding fears about tight global grain supplies, according to the Wall Street Journal.

That supply could mean better market prices in the late spring for Idaho grain producers.

Prices of corn, soybeans and wheat remain well below 2008 peaks, but analysts are expecting higher prices as the extent of crop losses in South America becomes clear. Some analysts warn of food price inflation.

“Food inflation is becoming a problem in emerging markets,” said Hussein Allidina, a commodities analyst at Morgan Stanley.

Wall Street Journal article

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