The courses of the CBoT wheat of futures yesterday recorded the largest daily increase in more than a month. With a plus of 2.7% the dates of July rose to its highest level since a week. Disappointing results on the second day of the three-day field visits in the U.S. wheat growing regions support the market.
Tobin Gorey, the Director of the agricultural Department in the Commonwealth Bank of Australia, writes morning today to his clients, that the United States in the world market while export little, wheat will but more extensively traded so that the prices will fall much.
The participants of the three-day harvest tour in the United States found stocks in Western Kansas, that looked worse than after the drought last year. In the North of Kansas, yields are estimated at only 34.3 bushels per acre, as little as last 14 years ago.
Fund companies bought yesterday 7,000 lots of wheat and 7,000 lots of corn futures.