Wheat and maize up in Chicago – HGCA

THE early part of last week saw US wheat prices recover from lows the previous week.

Recovery was helped by a combination of technical buying, a stronger maize market and low US winter wheat crop condition ratings.

Across the USA, 56% of winter wheat was put at fair, poor or very poor compared to 40% this time last year.

Condition reports are now weekly, released Monday evenings.

AUSTRALIAN forecasting committee AWF tentatively forecast the 2001 Australian wheat crop at 24.9m tonnes.

This is a recovery of 4.5m tonnes on the 2000 crop, which was hit by drought followed by heavy rain and flooding in some regions at harvest.

Much of the wheat area, however, remains to be sown.