The sharp rise in wheat prices has occurred in world grain markets due to major flooding in eastern Australia. Strong growth in wheat prices — more than 13% of the current trading week ended on world grain markets. During trading on Friday bushel of wheat price reached 7.82 dollars.
Corn fell slightly in price by 0.25 cents to 5.6025 U.S. dollars to 5.6 dollars per bushel (205.2 dollars per ton). Soybeans rose in price by 6.75 cents to $ 12.7675 a 12,835 dollars per bushel, or 0.5% ($ 470 per ton).
The demand for wheat has increased as a result of ads most populous state in Australia — New South Wales' natural disaster area "because of the floods and heavy rains. A report issued yesterday, December 4, the statement of the representative of the Ministry of National Emergency reported that almost all the planting of winter crops in the state washed away by rains. As a result, wheat growers have suffered losses amounting to 497 million dollars.
Affected by floods and two neighboring state, which further reduces the prospects for the harvest of grain in Australia.
Also, the growth of the wheat quotations, according to some experts, is extremely influenced by the negative outlook of the Food and Agriculture Organization (FAO), which has published a forecast on the food situation in the world.
Reference: 1 dollar = 147.60 tenge