Rising Grain Prices Hit Asian Wheat Importers
Flour mills had been waiting for wheat prices to drop
Flour millers in Asia have been caught on the wrong side of a rally in wheat prices as they waited for the market to decline, a stark contrast to animal feed producers who booked cargoes of corn several months before prices for that grain jumped.
According to a report at Reuters, benchmark Chicago corn futures climbed by almost a fifth in May as heavy rain and flooding across the U.S. Midwest delayed planting. Wheat gained by a similar amount, largely following the corn market higher.