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Wheat futures up in the US and Europe on fears Russia might restrict exports

Thursday, August 16th 2012 - 20:07 UTC
Full article 2 comments
Drought and insufficient rains punishing Australia and central Europe, besides the US Drought and insufficient rains punishing Australia and central Europe, besides the US

US and European wheat futures gained again on Thursday as importers took advantage of a price fall earlier in the week and as operators continued to anticipate Russia would drop out of export markets in the coming months due to drought-hit supply.

Soybean and corn futures were little changed after sharp gains in the previous session as the market weighed up how much demand would have to be cut to cope with supply that has been slashed by the worst U.S. drought in half a century.

September wheat added 1.7% to $8.60-3/4 a bushel, following an 0.8% rise on Wednesday that halted a three-day 8%.

In Europe, November milling wheat in Paris added 1.5% to 260 Euros a ton.

The outlook for wheat supply is also be dimmed by dry weather in western Australia, the country's main producing and exporting region, that could hurt the developing crop there.

Chicago Board of Trade new-crop November soybeans fell 0.3% to $16.29-3/4 a bushel, while December corn inched up 0.2% to $8.05-3/4.

Corn and soybean markets should stay volatile in the next few weeks as the market tries to assess how much demand has been rationed after the price surge of the past two months.

Drought-stricken US corn and soybean crops were getting a welcome dose of light rain this week, accompanied by cooler temperatures, which will help stabilize each crop, an agricultural meteorologist said on Thursday.

Weather maps also show a better chance for rain in the last two weeks of August in the US Midwest, but they will be too late to boost corn or soybean prospects much.

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