Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: LoneClone who wrote (2599)	9/3/2010 2:37:20 PM
From: LoneClone	Read Replies (1) \| Respond to of 4441

Wheat Rises on Russian Export Ban; Mozambique Riots for Bread By Jeff Wilson - Sep 3, 2010 9:57 AM PT bloomberg.com Wheat rose to the highest level in almost three weeks on signs of increased demand for U.S. supplies as world inventories are forecast to fall for the first time in three years. Before today, wheat soared 68 percent from a three-year low on June 9 as adverse weather hurt crops in Russia, Kazakhstan, the European Union and Canada. Russia will extend a grain-export ban until after the next harvest, Prime Minister Vladimir Putin said yesterday. The prospect of higher food prices have sparked riots in Mozambique. “We continue to see good, strong export demand for U.S. wheat,” said Shawn McCambridge, the senior grain analyst for Prudential Bache Commodities LLC in Chicago. “World buyers are concerned about rising prices and the tightening supplies situation.” Wheat futures for December delivery rose 23.5 cents, or 3.3 percent, to $7.3725 a bushel at 11:54 a.m. on the Chicago Board of Trade. Earlier, the price reached $7.39, the highest level for a most-active contract since Aug. 16. The grain jumped to $8.68 on Aug. 6, the highest level since August 2008. Higher prices, combined with rallies in corn, rice and livestock, increased concern that a jump food costs will spur unrest after riots from Haiti to Egypt in 2008. Residents of Mozambique’s capital, Maputo, were on strike for a second day yesterday to protest higher food and utility prices. At least seven people have died in clashes with police and another 280 were injured, Cabinet spokesman Alberto Nkutumula said yesterday. U.S. exporters sold 110,000 metric tons of wheat to Egypt and 275,000 tons to unknown destinations, the Department of Agriculture said today. Global world inventories will fall to 174.8 million metric tons in the year ending May 31 from 194 million tons a year earlier, the USDA forecast last month. Wheat is the fourth-biggest U.S. crop, valued at $10.6 billion in 2009, behind corn, soybeans and hay, government data show. To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net