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Wheat inventories below normal
27 Jan 2005
Wheat prices may rise by as much as 15 per cent this year from a 20 month low last week because global inventories are likely to be below normal, analysts at Commonwealth Bank of Australia said. CBA said prices may reach US$3.40 a bushel on the Chicago Board of Trade and may top US$4 if crops in North America and Europe are hurt by frost, rain or drought. Global inventories would be 145 million metric tons this year, 19 per cent below the 10-year average, the US Department of Agriculture said.
Herald Sun, 26/01/05
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