Indonesia to receive US wheat
THE USA will donate up to 1.5 million tonnes of wheat to Indonesia over the next eight months under a Clinton administration deal to boost wheat prices.
An initial 500,000 tonnes of the wheat should arrive in Indonesia by the end of the year.
The move comes as conditions get tough in US agriculture. Most grain farmers have seen prices fall because of strong global production and a weakening in demand in the face of Asias economic problems.
Wheat traded on the Chicago Board of Trade has fallen from almost £400 a bushel in September 1997 to around $250 this week.
- Click here for current Chicago wheat prices
- Financial Times 31/07/98 page 30 (News Digest)