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12.5pc further surge in world wheat prices

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    12.5pc further surge in world wheat prices
    27 February 2008

    World wheat prices have surged by 12.5pc so far this week.
    Chicago Board of Trade (CBOT) prices jumped up by another 7.5pc overnight on Tuesday (Australian time).

    This follows on from Monday's 5pc surge.

    The benchmark Chicago March '08 delivery price on Tuesday (US central time) lifted to $US11.99/bus - equivalent to about $A470.91 a tonne (excluding basis) - It rose by US90c/bu, or 7.5pc - the upper limit permitted for one day's trading under new higher limits introduced by CBOT on Tuesday.

    World wheat prices have now surged by nearly 60pc since November 2007.

    This new US grain price surge, and world wheat price surge, come amid mounting concern about the further tightening of the already extreme supply-demand squeeze.

    Spiralling world demand for wheat is coming at a time when northern hemisphere harvests have been below expectations combined with historically low world wheat stocks.

    All near date futures contracts at the Chicago Board of Trade on Tuesday, rose by the 90c/bu limit, out as far as to March '09 contracts.

    Beyond that, prices all rose by US55c/bu, or more.


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