date:Jul 20, 2012
Global wheat prices rose by 6.8% to AU$320 a tonne over the past week and the September corn future prices on the Chicago Board of Trade rose by 6.1% during the past week to AU$301 a tonne.
The United States Department of Agriculture (USDA) reduced its production estimate for corn to a nine-year low. About 19.2 million tonnes was wiped off from the USDAs June forecast of domestic consumption of corn and its estimate of exports reduced to 40.6 million tonnes from 48.3 million tonnes in June.
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