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Wheat Climbs on Supply Concerns

October 16, 2012 at 2:59 by Vladimir Vyun

Wheat prices advanced today on concerns about supply from the United States and Australia. Traders feared that dry weather in parts of the USA and Australia may hurt crops. The United States of America is the biggest world exporter of wheat, followed by Australia.

The US Department of Agriculture forecast that global inventories may drop 13 percent to 173 million metric tons by the end of this marketing year. The USDA also expected output from Australia to fall.

Wheat futures advanced $0.07 (0.83 percent) to $8.5525 per bushel as of 2:51 GMT on CBoT today. Yesterday, the price reached $8.4025 — the lowest since July 12.

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