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France Wheat Resumes Rally as Drought in Russia, Europe Pushes Buyers Toward U.S.
30.07.2010 14:13 "Agro Perspectiva" (Kyiv) —
Wheat futures advanced on concern that persistent drought in Russia and other parts of Europe will curb exports, pushing more buyers to seek U.S. supplies.
September-delivery wheat rose for a third straight session, gaining as much as 0.9 percent to $6.21 a bushel on the Chicago Board of Trade and was at $6.20 at 2:37 p.m. in Singapore. Futures climbed to a 13-month high yesterday at $6.2325 a bushel.
«Extreme heat and drought» will affect wheat areas in Russia and western Kazakhstan, and may spread to eastern Ukraine in the 10 days following July 28, likely causing «significant loss» to harvests, Telvent DTN Inc. forecast yesterday.
«It’s certainly the supply-side of the market, which is really underpinning the gains that we’re seeing,» Toby Hassall, a research analyst at CWA Global Markets Pty., said by phone from Sydney today. «It’s a case of the wheat market leading corn and soybeans higher.»
December-delivery corn advanced 0.7 percent to $3.935 a bushel. Soybeans for November delivery rose 0.5 percent to $9.8325 a bushel.
The wheat harvest in Russia, the third-largest grower in the 2009–2010 season, may fall 24 percent this year because of drought and lower yields, according to the Institute of Agriculture Market Studies in Moscow.
The institute cut its wheat forecast to as low as 47 million metric tons from an earlier estimate of 51 million tons, Oleg Sukhanov, chief specialist for grain markets, said today. Russia harvested about 62 million tons of wheat last year.
Grain exports from Ukraine, the second-largest wheat grower in the former Soviet Union, have been «slow» this month, Agriculture Minister Mykola Prysyazhnyuk said yesterday.
Ukraine’s grain exports including wheat may drop to 18.5 million tons or lower this season, from 21.2 million a year earlier, the Ukrainian Agrarian Confederation said last week.
India has 10 million tons of wheat and rice that are at risk of rotting because of a lack of storage capacity, the Financial Times reported, citing estimates «circulating within government.»
India is the second-largest grower and consumer of wheat and rice, according to the U. S. Department of Agriculture. Farm Minister Sharad Pawar said yesterday India will sell 300,000 tons of wheat and rice to Bangladesh and Nepal.
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