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Severe weather and high international demand mean elevated wheat prices

Monday, May 23, 2011

Wheat-growers benefit from growing world grain demand.
Wheat-growers benefit from growing world grain demand.

Global demand for wheat is up, and with low supply due to weather-damaged crops in the United States and Europe, prices for the grain have been pushed upward. This situation has amplified tensions in the volatile Middle East and put a strain on governments that must import grains - in particular, wheat - to feed their people. Nations who export grains, such as the United States, reap benefits from the increasing call for wheat and the current higher prices, The Wall Street Journal stated.

Tunisians are feeling the effects of the expensive wheat market more than most, because they consume the most wheat per capita in the world - at 478 pounds per person per year. According to the same UN study, Americans eat an average of 177 pounds per person annually, the news source reports. Wheat futures on the Chicago Board of Trade were up the most in intra-day trading in seven months, increasing 7 percent, or 53 cents, Wednesday.

With prices for farming produce at record levels, grain-growers may purchase more agricultural equipment to bridge the world supply gap. As the leading producer of such machinery, John Deere supplies the world's farmers with harvesting equipment.  

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