February 09, 2009

Futures Up on China Wheat Crop Threat

No rain for months in parts of north China and Beijing says 60% of Henan's wheat crop and 70% of the crop in Anhui may be threatened. Still official word is that China will have enough to avoid imports. Last year's wheat crop at over 112 million tons was a record. Futures have been up in China on the news and in Chicago too (briefly) but there is little indication for now that imports will be needed. But if so, it could have a major impact on world markets. In 2008 China was the world's top importer of pork and pork products - a single year record of almost 2 million metric tons. The USA exported around $700 million worth of pork to China in 2008...

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