Wheat Rises to Record $9 a Bushel on Global Crop Concerns

[GliderGuider]

Wheat Rises to Record $9 a Bushel on Global Crop Concerns

Sept. 12 (Bloomberg) -- Wheat prices rose to a record, passing $9 a bushel in Asian trading, on concerns that declining global output will further shrink inventories at a 26-year low.

Reserves of the grain in Canada, the world's second-largest wheat exporter, plunged 29 percent at the end of July from a year earlier, Statistics Canada said yesterday. The U.S. may cut its forecast for the crop in Australia to 18 million tons, from 23 million metric tons in a report today.

Australian farmers face an unprecedented rural crisis within a month unless spring rains arrive, the Melbourne-based Age reported today, citing Agriculture Minister Peter McGauran.

Rabobank Group has said the Australian crop could be as low as 15 million tons.

[fasttense]

1. The price of bread, crackers, noodles, cereal and other items

will be going up in the grocery stores. Get your wheelbarrows out folks. What with the dollar index down below 80 and the price of commodities going up, you are going to need the wheelbarrow to carry your dollars to the grocery store.

[Warpy]

2. The price of store bread has already been going up

just from baking and transportation costs. Now it's going to go up a lot as pressure from overseas starts to drive flour costs up.

[EVDebs]

3. And if * attacks Iran, gas will go to from $4 to $6 a gallon.

Don't they think before they act ?

[madrchsod]

4. yes the export markets are driving up the price

to all the china owns our ass people...we are selling boatloads of grain to china. you think china is going to piss off the nation who is suppling them with grain? the situation in australia does`t bode well for any excess grain from that country in the future,so who else is there?