Wheat hits 4 month high on shrinking global supplies

Driven by increased purchase orders from importers and lowered global output forecasts, wheat futures rose to their highest levels in nearly five months in trading today.Driven by increased purchase orders from importers and lowered global output forecasts, wheat futures rose to their highest levels in nearly five months in trading today.

During the week ended January 13, wheat exporters sold nearly seven times more wheat than the week prior, the U.S. Department of Agriculture states in a reported on January 21: During that week, wheat importers bought 1.054 million metric tons of wheat. Countries like Tunisia, Qatar, Bangladesh, Morocco and Iraq have all issued tenders to buy rice or wheat since January 9.During the week ended January 13, wheat exporters sold nearly seven times more wheat than the week prior, the U.S. Department of Agriculture states in a reported on January 21: During that week, wheat importers bought 1.054 million metric tons of wheat. Countries like Tunisia, Qatar, Bangladesh, Morocco and Iraq have all issued tenders to buy rice or wheat since January 9.

Governments fear that high commodity prices could spark food riots "so they're walking into the rice and wheat markets and just buying it," Darrell Holaday, the president of Advanced Market Concepts, told Bloomberg. "We've had enough production problems in different spots around the world that it's caused some problems."Governments fear that high commodity prices could spark food riots "so they're walking into the rice and wheat markets and just buying it," Darrell Holaday, the president of Advanced Market Concepts, told Bloomberg. "We've had enough production problems in different spots around the world that it's caused some problems."

Today on the Chicago Board of Trade, wheat futures for March delivery climbed 1.3 percent, or 10.75 cents, to close at $8.3525 a bushel.Today on the Chicago Board of Trade, wheat futures for March delivery climbed 1.3 percent, or 10.75 cents, to close at $8.3525 a bushel.

The most-active contract climbed 65 percent in 2010 as inclement weather in Canada and Russia hurt global supplies. The most-active contract climbed 65 percent in 2010 as inclement weather in Canada and Russia hurt global supplies.