Hard Red Winter Wheat Contracts Rise 30-Cent Limit Close Above $7.60 - CBOT Price Touches $8.11

[hatrack]

EDIT

At the Kansas City Board of Trade, the March contract closed up the 30-cent-a bushel limit at an all-time exchange high of $7.63½ a bushel. The December contract also ended up the limit, closing at a new contract high of $7.61¼.

In Chicago, the September contract reached an all-time high of 8.11¼ early in the day but closed below that level.

Export demand for U.S. wheat remained strong amid concern about tight global supplies. Japan is in the market for 175,000 metric tons of wheat, some of which was expected to come from the U.S.

But Jeff Dance, market analyst with Country Hedging Inc. in Kansas City, said much of today’s gain came on news that India bought 795,000 metric tons of wheat. Although the wheat did not come from the U.S., the purchase did result in a further tightening of global supplies.

EDIT

http://www.kansascity.com/382/story/260243.html

[kestrel91316]

1. Can't imagine WHY a basic food staple like wheat would be getting

so expensive..............I'm sure it has nothing whatsoever to with the wild weather causing massive crop failures around the world.......

[hatrack]

2. Good thing this won't make food any more expensive, since we don't have inflation any more, huh?

:eyes:

[phantom power]

3. Remember, it's Good Economics(tm) to not include food and fuel prices in inflation.

Cuz we can stop using food and fuel any time we want, I guess.
:crazy:

[amandabeech]

4. In the U.S. wheat acreage may be down because farmers

went wild in their plantings of corn for ethanol. Although not all wheat acreage can support corn, some can. Put that together with poor crops else where and you have high prices.

[razzleberry]

5. 14 cents a pound, doesn't seem like all that much

$8.11

divide by 60 -->

13.5 cents

[NMDemDist2]

6. my inlaws are wheat farmers

so i'm pretty happy for them. hope they didn't contract out the whole crop at a lower price

and maybe I'll beg em to save me some lentils, since my food budget will go through the roof this year at those prices