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Chicago wheat prices surge 5pc

Updated:2009-01-07 08:58:57

World wheat prices have surged by 4pc overnight Tuesday (US time), in one day's trade at the Chicago Board of Trade.
Chicag's March '09 contract jumped up by US27c, to close at $US6.42.bushel.

All futures contacts out as far as July '11 lifted by similar amounts.

This latest price rise comes on top of a 1pc lift on Monday, which had pushed contracts to their highest levels since October 9, according to Arlan Suderman, US Farm Futures grains analyst.

Chicago wheat first struggled to lift through the $6/bus barrier on the last day of 2008 trading.

In the first week of December, Chicago wheat had slumped below $5/bus, reaching what appears to be the bottom of the current market cycle.

Prices had reached a record of more than $13.50/bus at the end of February.

This lifted prices to Australian growers in proportion, after adjustments for $A exchange rates, frieght and handling - just as our farmers were making preparations to seed the big 2008-09 wheat crop now harvested.

The longer settlement dates for wheat in Chicago all lifted well clear of the $7/bus mark - Dec '10, for instance, has reached $US7.51/bus.

Dec '09 has reached $US7.08.

Source:http://fw.farmonline.com.au

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