US wheat prices are expected to rise to US$11 in the spring of 2011

According to analysts from the United States, if the United States and other major producing countries continue to suffer from bad weather, the price of wheat on the US Chicago Board of Trade futures may exceed $8.50 and rise to $11 this spring.

Analysts said that the Australian wheat crop was affected by excessive rainfall, while the US winter wheat production area has been dry, causing the market to worry about the shortage of global milling wheat, which will support the wheat market during the spring. However, wheat prices may fall in the second half of 2011, when the wheat harvest in the northern hemisphere will be replenished. He believes that the wheat futures price will fluctuate within the interval of 8 to 10 US dollars.

Analysts initially believed that the U.S. wheat price this year will show a range of cowhide oscillations, but the weather is difficult to predict. The weather situation has created uncertainties in the outlook for wheat production.

In 2010, the price of wheat in the United States rose by 46.7%, and all the gains were concentrated in the second half of the year, as the wheat planting area in the United States declined and the dry weather in the Black Sea forced Russia to ban grain exports. The wheat crops in Germany, Canada and Australia are all affected by excessive rainfall. The recent dry weather in the US winter wheat production region has aggravated the concerns of the global market for the supply of high-quality wheat.

Analysts said that the first target of wheat prices in the United States is at $8.50. If weather problems increase, wheat prices are expected to rise to $11. Wheat prices have never exceeded nine dollars since 2008.

Since March 2008, the wheat spot monthly contract has never exceeded 11 US dollars.