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Non-Tech : Farming -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (1325)	6/17/2008 2:58:54 PM
From: Tommaso	Respond to of 4452

I put a lot more into CZZ shares but just for the hell of it I also bought some options. Pretty exciting day, with most things going exactly as Don Coxe prophesizes. From Bloomberg-- Wheat Rises as Australian Drought May Hurt Newly Planted Crop By Tony C. Dreibus June 17 (Bloomberg) -- Wheat rose on speculation that drought in Australia, expected to be the third-biggest exporter of the grain this year, will curb yields from the recently planted crop. Australia may produce 8.8 percent less wheat than previously estimated after the driest May on record, the country's Bureau of Agricultural and Resource Economics, or ABARE, said in an e-mail. Production in the year starting Oct. 1 may fall to 23.7 million metric tons, the agency said, down from a March estimate of 26 million tons. ``It's been bad in Australia for the last two years and there's not an improvement on the horizon,'' said Larry Young, a senior trader at Infinity Futures Inc. in Chicago. ``That's kind of keeping the market underpinned with support.'' Wheat futures for September delivery rose 16 cents, or 1.8 percent, to $9.1025 a bushel at 11:14 a.m. on the Chicago Board of Trade. Wheat is up 50 percent in the past year, partly because drought in Australia has contributed to a plunge in global inventories. Futures are still down 33 percent since reaching a record $13.495 a bushel on Feb. 27 as farmers worldwide seeded more to capitalize on higher prices. In Western Australia, the largest wheat-growing state in the country, below-average rainfall is forecast for the winter, which is just beginning. In parts of New South Wales, the second-biggest grower, rainfall is expected to be better than normal. Australian growers may sow a record 14 million hectares (34.6 million acres) of wheat, ABARE said. The U.S. is the biggest wheat exporter and will be followed this year by Canada and Australia, according to the U.S. Department of Agriculture. Japan, Iraq Wheat prices also may be rising on increased demand as Japan and Iraq said they planned large purchases. Japan said it plans to buy 227,000 tons of milling wheat on June 19, the most in six months. The grain is for shipment in August and September. Japan's Ministry of Agriculture has bought 914,000 tons of wheat since the beginning of April. The country purchased 5.13 million tons the previous year. Iraq said today it would buy ``huge'' amounts of wheat from Canada to help rebuild stockpiles after drought damaged crops in the Middle East. Iraq, which imports 80 percent of its grain, needs 4.5 million tons of wheat to ``secure subsidized food for its people,'' Abd al-Falah al-Sudani, the country's minister of trade, said today in a statement. Iraq's wheat output may drop to 1 million tons in the year that started June 1 from 2.3 million the prior year, Al-Sudani said on June 10. Imports will rise to 3.7 million tons from 3.5 million, according to the USDA. The U.S. is the biggest exporter of the grain to Iraq.