The world faces higher agricultural commodity prices after the US Department of Agriculture highlighted smaller-than-expected stocks of corn, wheat and soyabeans in its latest market update.
The USDA's report was seen as particularly supportive for soyabean prices where demand from China has been extremely strong and for the corn market in the 2009/10 season, which starts in October. However, the outlook for the wheat market is less bullish because global stocks are plentiful.
“Overall, this was a very price supportive report,” said Greg Wagner, senior agricultural commodity analyst at Ag Resource company in Chicago, referring to the USDA's May outlook, the first report to analyse supply and demand factors influencing the 2009-10 season.
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