Corn, Wheat, Soy Rise, Renewing Food-Inflation Concern

Agricultural , Food Apr 01, 2012 No Comments

InflationCorn prices surged the most since June 2010, wheat had its biggest gain in five months, and soybeans rallied after government forecasts signaled tighter U.S. crop supplies, renewing concerns that food inflation will quicken.

On the Chicago Board of Trade, corn futures for May delivery jumped by the exchange limit of 40 cents, or 6.6 percent, to close at $6.44 a bushel at 1:15 p.m. That was the biggest gain for a most-active contract since June 30, 2010. The advance pared the decline for the quarter to 0.4 percent.

Wheat futures for May delivery rose 7.9 percent to settle at $6.6075 a bushel in Chicago, the biggest gain since Oct. 11. Most-active futures rose 1.2 percent during the past three months.

Soybean futures for May delivery surged 3.5 percent to close at $14.03 a bushel on the CBOT, the biggest gain since Oct. 11. Earlier, the price touched $14.16, the highest since Sept. 12.

via Corn, Wheat, Soy Rise, Renewing Food-Inflation Concern – Bloomberg.

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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.

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