Wheat climbs another $10/t
27 September 2017
SAM REICHSTEIN, AWB27 Sep 2017
WEEK-on-week Chicago wheat futures are up about $6 a tonne, with December 2017 prices continuing to firm since baseing at the end of August, and the Australian/US dollar also helping by falling roughly US2 cents from the high printed two weeks ago.
The period between northern and southern hemisphere harvests can be a flat-spot for market moving news; this year being no exception.
Currently US winter wheat crop planting is 13 per cent complete (just behind five year average pace) and some pundits are guessing a 2018 total wheat area similar to, or slightly above, 2017s reduced plant of 45.1 million acres.
Global economic growth estimates are also improving which tends to float all commodity boats.