Monday, December 10, 2007

Wheat Average Price to Increase to Record, USDA Says

From Bloomberg:

Average wheat prices will rise to a record next year even as farmers increase planting, U.S. Department of Agriculture Undersecretary Mark Keenum said.

The cereal is one of the best-performing commodities this year as adverse weather cut output in major producing countries including Australia and Ukraine amid growing demand for the crop used to make bread, other food products and animal feed.

``We're going to see very strong prices for the coming year,'' Keenum said in Tokyo. ``A record level of prices, that's what we are projecting at USDA for wheat in the coming season.''>>>MORE