US wheat returns down 3bushel

By Joanna Levin

FAVOURABLE weather for competing crops in Canada and Australia this week drove down United States wheat returns, driving Chicago futures down 3c on the week to $2.96/bushel (£1.77/bushel) yesterday (Monday, 27 April).

Prices look like they could fall further. Analysts already expect this years US harvest to yield a bumper crop. Light frost damage in south-west Kansas and a lack of rain in west Texas have caused some worries, but farmers remain well ahead with planting.

The US is estimated to be 12% planted, compared with 3% this time last year and a five-year average of 6%. Coupled with large carry-over stocks and poor exports, there is little on the horizon that will put a floor in the market.

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