WHEAT: WORLD MARKETS AND TRADE
Argentine New Crop Sales Robust: With harvest concluding on a near-record wheat crop, low prices have spurred sales of new crop to nearly 4 million tons, over 1 million tons above this time last year. With purchases by neighboring Brazil greatly reduced so far due to large domestic supplies, much more Argentine wheat will go to Mediterranean and even Asian markets (See PDF version for chart).
Domestic: Wheat prices trended upward through December. Spring wheat prices rose on rumors of China switching orders from Canada to the United States and a slim supply of high-quality wheat. Inland logistical problems, large tenders by Jordan and Iraq, and higher than expected exports helped to lead price rebounds for most classes.
For the week ending January 7, average HRW and SRW prices were $4 a ton higher than a month earlier. HRS prices rose $14 a ton, while SWW ended the month down $1 a ton (See PDF version for chart).
TRADE CHANGES IN 2004/2005
Return to Table of Contents