For the first time in four days, wheat increased in price, as investors think importers may start to increase acquisitions from the U.S. as wheat prices fave declined.
On Thursday the grain fell to $7.765 a bushel, the lowest price since November 20, 2007. It's also down over 40 percent in price from the record it attained in the latter part of February.
"Below $8 a bushel, we may see some buying interest from importers, who have been delaying purchases," said Kenji Kobayashi, a grain analyst at Kanetsu Asset Management Co.
Sales of U.S. wheat grew by 12 percent this week over last week, as they increased to 176,100 metric tons for the week ending April 24, according to the U.S. Department of Agriculture.
July delivery for wheat gained 2.5 cents, to reach $7.925 a bushel, as of 3:28 p.m. Singapore time. It gravitated from $7.90 and $7.9525 in CBOT after-hours trading.
Even with recent price decreases, wheat is still up by over 65 percent over last year. It reached a high of $13.495 on February 27 before falling back.
Friday, May 2, 2008
Subscribe to:
Posts (Atom)
