CBOT wheat hits 1-1/2 year peak on higher corn, Black Sea woes

Tuesday, 17 July 2012 02:03

Posted by Abdul Ahad

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CHICAGO: Chicago Board of Trade wheat futures surged more than 4 percent on Monday to a 1-1/2 year peak in an explosive weather-focused market where corn and soy prices have soared due to a heat wave and drought in the US Midwest and weather issues in the Black Sea region.

* Wheat prices in western Europe rose sharply on Monday while rapeseed futures in Paris hit an all-time high as weather woes, most notably in the United States and the Black Sea region fuel led buying.

* Private exporters reported the sale of 107,214 tonnes of US wheat to Japan for delivery during the 2012/13 marketing year, the Agriculture Department sale on Monday.

* USDA on Monday said 14.913 million bushels of wheat were inspected for export last week, nearly the same as the 14.942 million the previous week.

* Australian wheat stocks at the end of June were down 14 percent form a month earlier at 14.1 million tonnes, government data showed on Monday, as exports from the world's fourth-biggest shipper picked up pace.

* September was above all key moving averages. The nine-day RSI was at 82.