Chicago wheat and maize up – HGCA

CBOT wheat futures closed the week $2-$4 higher, with the biggest gains in nearby contracts.

Solid weekly export sales data, combined with the market taking the view that the foot-and-mouth issue could be positive for US wheat exports, helped prices higher.

In the maize market, prices were up by over $2/t, helped principally by private surveys showing US planting intentions lower.

News of StarLink contamination in US maize seed offset some of the bullish news.

AT its Agricultural Outlook Forum, the US Department of Agriculture noted that export demand on the 2001/2002 world
wheat market would be characterised by a drop in requirement in North Africa
and the Middle East and an as yet unquantifiable increase in demand from China.

An increase in Australian export availability is also expected. Full texts from the
conference can be downloaded at www.usda.gov