GREY:VTRAF - Post by User
Post by
vessobon Feb 18, 2008 3:52pm
145 Views
Post# 14388958
Wheat May Avg $15/Bushel in 2009 ....
Wheat May Avg $15/Bushel in 2009 ....
Wheat May Average $15 a Bushel in 2009, UniCredit Forecasts
By Danielle Rossingh
Feb. 18 (Bloomberg)
Wheat may average $15 a bushel next year, about 57 percent more than the average so far this year, because of increased demand for biofuels and food and little change in the acreage used to grow the grain, UniCredit SpA said.
``Rising global population, the production of biofuels and more protein-rich nutrition in emerging markets are triggering a steady increase in demand'' at about 1.6 percent a year, Jochen Hitzfeld, a commodities analyst in Munich at Italy's largest bank by assets, said in an e-mailed report today. The area given over to wheat has been ``stagnating'' for 30 years, he said.
Wheat for May delivery rose 0.1 percent to $10.42 a bushel on Feb. 15 on the Chicago Board of Trade. U.S. markets are closed today because of President's Day. Wheat climbed to a record $11.53 on Feb. 11.
To contact the reporter on this story: Danielle Rossingh in London at drossingh@bloomberg.net