Friday, January 06, 2006
Jan. 5 (Bloomberg) -- Wheat prices fell in Chicago for the first time in four sessions after Egypt, the world's second- biggest importer of the grain, agreed to purchase supplies from Russia and Australia rather than the U.S.
``The U.S. missed all the Egyptian business and that means U.S. wheat is overpriced,'' said Shawn McCambridge, senior grain analyst for Prudential Financial Inc. in Chicago. ``Anything that Russia sells reduced U.S. sales.''
I never knew that we're the world's second biggest importer of wheat. We used to be proud of our wheat production. We even have a popular song about our wheat. It's so sad what over population did to us. It forced a country that is supposed to be good in agriculture to import most of its food.