Title: Wheat price falls to lowest level in a decade | Financial Times
Headings: Wheat price falls to lowest level in a decade
Wheat price falls to lowest level in a decade
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Content: Wheat production is estimated to outpace consumption by about 10m tonnes this year, further inflating global grain stocks. The quality of the impending wheat crop is uneven. Rain that allowed lush yields also made fields more susceptible to pests and disease, said Amy Reynolds, economist at the London-based International Grains Council. Minneapolis spring wheat — a benchmark for high-quality milling wheat ground into bread flour — has declined less than the soft Chicago variety used in crackers and cookies. “The big question mark at the moment is whether or not there are ample supplies of good enough quality in the world,” she said. US Wheat Associates, a Washington-based export promotion body, argued that supplies of high-quality wheat were less than met the eye. “While total supply gets the most attention, wheat’s real value is as a functional food ingredient, not as a bulk commodity,” it said in a newsletter. “ When you dig a bit deeper, the total supply of milling quality wheat is much different — and it is tightening.” Get alerts on Agricultural commodities when a new story is published
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