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Article: Wheat supplied the 'W' in 'Wow' this week!
- Article from:
- Pro Farmer
- Article date:
- September 8, 2007
- Author:
CopyrightCOPYRIGHT 2007 Farm Journal Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The old adage that a bull market needs to be fed a constant diet of bullish news was proved again this week. Wheat futures zoomed to record marks to open the holiday-shortened week as traders received several pieces of price-positive news:
Buyers buy
Egypt snapped up 470,000 metric tons (MT) of U.S. and Russian wheat in a mid-week tender. USDA also announced Iraq bought 200,000 MT of U.S. HRW wheat. India bought over 700,000 MT of wheat, and although none was U.S. origin, market bulls still realized that further tightened supplies on the global market. Add in some smaller tenders and there was a host of business.
PERSPECTIVE: These buys are ...