CHICAGO- Chicago Board of Trade wheat futures took a breather after setting 8-1/2-year highs last week on concerns about tightening supplies in exporting countries hit by harsh weather.
Russian agriculture consultancy Sovecon trimmed its forecast for Russia’s crop by 0.3 percent from last week in the latest estimated reduction for the world’s biggest wheat exporter.
The US Department of Agriculture on Thursday slashed its forecasts for harvests in Russia, Canada and the United States, igniting a price rally. (Full Story)
Russia’s declining output and higher prices have caught short international trading companies that sold wheat and other crops to Asian millers on expectations of bumper global supplies, three Singapore-based traders told Reuters.
