- CBOT wheat and maize lower
Wheat and maize futures fell around 50US¢ over the week, despite dipping to $2 lower by Wednesdays close.
Limited export sales of both wheat and maize, continuing concern over StarLink GM maize and improved US winter wheat crop conditions pressured prices early in the week.
But by midweek, technical buying allied to increasing concerns about the Australian wheat crop helped prices end only slightly down on the week.
- IGC puts world wheat stocks lower over year
Australian wheat output was cut by 2.5 milliion tonnes to 18.5m tonnes in the latest IGC report.
Offset in part by a higher Argentine crop, the revisions left world production revised 2m tonnes lower at 577m. End-stocks were revised down 2m tonnes to 103 tonnes, against 122m last season.
Taken from HGCA weekly MI Bulletin
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