ChartsThis article was originally published in The Public Ledger
PRICES staged a mild recovery on reviving import demand and ongoing crop weather concerns. Importers who backed away when Chicago futures surged over $9 per bushel recently appeared more eager to extend cover as prices dipped below $8 a bushel (about $294 a tonne). However, the lion's share of demand was directed more toward Black Sea - Commonwealth of Independent States (CIS) - and European wheat rather than US offers with their higher freight costs.Other bullish news included unwanted rain still threatening to damage or hold up combining of a drought-halved, but now ripe, Australian crop. Dry weather was also threatening young hard red winter wheat crops in parts of the US Plains while overall crop condition ratings have fallen in a year when top yields are needed to replenish US and world stocks. Ideas that CIS countries might restrict sales soon also supported prices.