iNVEZZ.com Thursday August 1st: Wheat prices are on the rise again as Japan returns to the market. Corn prices are decreasing due to expectations for cooler U.S. weather which should boost production and increase global supplies. Coffee exports from Indonesia in July are on a four-year high as prices increased. The U.S. soybean harvest is also expected to jump by 13 percent to 93.1 million tonnes. Cocoa prices are also increasing with West Africa facing drought.
After Japan lifted its ban on U.S. wheat, bids for soft white wheat for August delivery increased by 6.50 to 11.50 cents per bushel on Wednesday as compared to Tuesday, according to USDA Market News Service at the Port of Portland. Analysts believe that prices may receive another increase of 5-8 cents a bushel if Japan starts purchasing large quantitates. European wheat futures are also rising but this time it is due to crop uncertainty on the Old Continent. There are also concerns that French crop quality will not be up to par as protein levels are on the low side. Prices of Paris futures on milling wheat for November delivery was €187.75 a tonne by 10:15 BST.
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