Wheat traded higher on the week. For the week ending Dec. 18, March Minneapolis gained 40.25 cents, March Chicago gained 48.75 cents and March Kansas City gained 49.5 cents. As of 9 a.m. Dec. 19 wheat trade was 6 to 14 cents lower.
European Union grain exporters will be the main beneficiaries of Russia’s pullback from international grain markets as Moscow races to cool domestic prices in the face of economic crisis, analysts and traders say.
Projected U.S. wheat supplies for 2014 to ’15 are up 10 million bushels for December with higher projected imports. Increased production and higher imports from Canada are expected to add to U.S. wheat supplies.
U.S. Department of Agriculture
December 15, 2014
WINNIPEG, Manitoba — Lentil markets are moving as well as can be expected, given our deplorable quality. Overseas end users have now received their initial 2014 crop shipments, and they are not impressed. Processors took the flack on this year’s quality.
Wheat struggled to start last week, but managed to end the week with a strong session. For the week, March Minneapolis dropped 7.75 cents, March Chicago gained 3.5 cents and March Kansas City gave back 11.75 cents.
Exporters of Russian wheat have cut prices to try to speed up sales abroad before the government possibly introduces curbs to replenish its own stocks and prevent rises in the cost of bread, traders and analysts say.
U.S. slaughter cattle prices this week may repeat last week’s slump as grocers balk at high-priced beef from packers who are operating their plants at a loss, traders and analysts said.
Furthermore, less-threatening weather could temporarily keep cattle weights near record highs, providing more beef to the retail sector, they said.
Wheat started last week with strong gains, but gave back most of them the rest of the week. For the week ending Dec. 4, March Minneapolis gained 2.25 cents, March Chicago picked up 11.25 cents and March Kansas City dropped 4.5 cents.
American farmers could find it easier to deliver food, particularly perishables, to foreign customers under an agreement between India and the U.S. that was ratified by the World Trade Organization General Council, according to U.S. trade officials.
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