WHEAT prices soared 8.4 per cent after the US government said both US and world wheat supplies will be leaner than expected. Traders are concerned cold weather in the US over the next few days could damage the winter wheat crop and delay spring planting.
PIG futures fell 9 per cent amid concern that animal supplies are backing up in the US Midwest, threatening to overwhelm meatpacker demand. Meatpackers slaughtered 1.33 million
pigs last week, compared with 1.29 million a week ago and the 1.31 million a year ago, according to the US Department of Agriculture. COCOA prices slumped 4.1 per cent to a one-month low after a report showed demand from processors in Germany, one of the world's biggest consumers, tumbled during the first quarter. Germany's cocoa grind, the amount of cocoa processed to make chocolate and other products, fell almost 12 per cent to 61,379 tons during the first quarter from a year earlier. Copyright: IOS & BloombergReuse content