The International Grains Council has lowered its forecast for global wheat production from its April estimate of 672.2 million tons to 667.3 tons. That compares with global production last year of 649.1 million tons.
Wheat prices will remain high as bad weather in Europe and the US are likely to lower harvests, even as wheat stockpiles will continue to shrink. The Council now expects global grain production of 1.803 billion tons in 2011-2012, up 4% from the previous year. Global consumption will total 1.812 million tons, furthering reducing stockpiles.
Corn prices are up nearly 2% around mid-day and wheat prices are up nearly 4%. The Market Vectors Agribusiness ETF (NYSE: MOO) is up about 1%, to $54.08, in a 52-week range of $35.62-$57.93. The PowerShares DB Agriculture Fund (NYSE: DBA) is also up about 1%, to $32.87, in a 52-week range of $22.85-$35.58. The Teucrium Corn Fund (NYSE: CORN) is up nearly 2%, to $46.03, in a 52-week range of $23.79-$48.77.
Wheat prices will remain high as bad weather in Europe and the US are likely to lower harvests, even as wheat stockpiles will continue to shrink. The Council now expects global grain production of 1.803 billion tons in 2011-2012, up 4% from the previous year. Global consumption will total 1.812 million tons, furthering reducing stockpiles.
Corn prices are up nearly 2% around mid-day and wheat prices are up nearly 4%. The Market Vectors Agribusiness ETF (NYSE: MOO) is up about 1%, to $54.08, in a 52-week range of $35.62-$57.93. The PowerShares DB Agriculture Fund (NYSE: DBA) is also up about 1%, to $32.87, in a 52-week range of $22.85-$35.58. The Teucrium Corn Fund (NYSE: CORN) is up nearly 2%, to $46.03, in a 52-week range of $23.79-$48.77.
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