Chicago wheat up as floods hit Australia
- Australian wheat worries boost Chicago price
CBOT wheat was supported by continuing concerns over Australian wheat production in the wake of severe flooding, as well as the pace of US winter plantings.
Both wheat and maize markets were also supported by strong soya markets.
- Australia loses crops to floods
Uncertainty remains over the eventual size and quality of the Australian crop. No official estimates of the damage have yet been made, but unofficial reports suggest as much as 1 million tonnes of wheat is lost to flooding and 2m-4m tonnes will be downgraded to feed.
- Indian wheat in demand
Strong demand for Indian wheat has been reported this week from the Middle East, Bangladesh and South East Asia.
India contracted to sell 500,000 tonnes of wheat this week, including a reported sale to Iraq of 350,000 tonnes.
- Australia loses crops to floods
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Taken from HGCA weekly MI Bulletin
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