November 30, 2010

Corn advances as Russia may face feed-grain shortage

Corn futures climbed, narrowing the first monthly decline in six months, and wheat advanced on speculation Russia may increase feed-grain imports, intensifying competition among buyers. “Providing some support was a projection by Argentina’s international trade secretary that Russia may buy up to three million tons of Argentine corn”.

Russia will have a shortfall of 2.5 million to three million tons of feed grain by March or April next year and will probably need imports to bridge the gap, Sergei Shakhovets, head of analytics at the Moscow-based Grain Producers’ Union, said November, 26. The nation may need to import as much as 5 million tons of grain in the marketing year that ends June, 30, he said. Read more...
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