WORLD FEED & GRAIN MARKET REVIEW

摘要

Six years ago, drought cut the Russian wheat crop by one third, reducing its exports by half.Russia had already moved into third place in the wheat supply league in the previous season so the effect on world markets was profound. World stocks were drawn down by some 20m tonnes. Speculative funds piled in to the market, sensing opportunities to further the trend and reap big profits in the process. The bellwether CBOT wheat futures price rocketed from around US$6 close to US$9.50 per bushel (almost $350/tonne), Paris milling wheat from around EU?180 to EU?270. Investment pundits again began to talk of higher prices becoming the new normal, making up for years when agric commodities had failed to reflect broader inflationary trends.