What price wheat in grain market turmoil?
There was more than a bit of chaff flying on the corn world’s exchanges last week. Coffee and wheat miss the crop price revival and cereal prices plunged, amid anger over “flawed” data. US corn inventory data was widely criticised as erroneous in Chicago, and prices fell. Grain prices during Asian and European trading hours also fell steeply for a second day after a US Department of Agriculture estimate that America’s corn stocks were 300 million bushels above market forecasts – at 1.71 billion bushels just a month ago. The figure seemed to have been artificially swollen by including this year’s corn production due to a good start to this year’s harvest.
