World Is Reliant on the U.S. for Its Wheat

The drought decimating Russia's grain crop is helping put more money into the pockets of U.S. farmers and leaving the world more dependent on the U.S. harvest.

The U.S. Agriculture Department said Thursday it expects U.S. wheat exports to soar 36% amid higher prices, and in a rare move raised its one-month-old harvest forecasts and price forecasts for several major U.S. crops, including wheat, corn, and soybeans at the same time.

"The U.S. is an island of supply in a year of very big demand," said Daniel W. Basse, president of AgResource Co., a Chicago commodity forecasting concern.

Higher prices for these commodities could end up driving up food prices for recession-weary consumers.

Read Full Article from Wall Street Journal

- Posted: 2010-08-12 21:14:35

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