Grains, Soybeans Jump on USDA Data, Signaling Higher Food Costs – Bloomberg.com

Agricultural , Food Mar 31, 2011 No Comments

Corn rose the most allowed by the Chicago Board of Trade as concerns mounted that food costs will climb after the latest U.S. government forecasts on supplies and acreage. Soybeans and wheat also jumped.

Soybean futures for May delivery jumped 38.25 cents, or 2.8 percent, to $14.1025 a bushel. The USDA said inventories fell to the lowest since 2003. The price has gained 50 percent in the past year on record demand for U.S. supplies from China.

Wheat futures for May delivery rose 36 cents, or 5 percent, to $7.6325 a bushel. The price has climbed 64 percent in the past year as drought spurred Russia to ban exports, while floods eroded crops in Canada and Australia.

Exports of agricultural products from the U.S. jumped 18 percent to a record

via Grains, Soybeans Jump on USDA Data, Signaling Higher Food Costs – Bloomberg.com.

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Rod Sherkin

Rod is a former senior executive, responsible for Purchasing, for both Pillsbury and Ball Packaging back in the 80’s and 90’s. Since then, he has continued to work in the Purchasing field as both a consultant and founder of the website Propurchaser.com.