A retreat from recent all-time highs established in wheat futures also added to the weak tone. Market direction Friday hinges on the export sales report and what wheat prices do overnight, an E-CBOT trader said. Wheat was unable to continue its rally and that helped pressure corn futures, an analyst says. With wheat unable to trade high, speculative selling helped press corn values lower, a commission house analyst said. Department of Agriculture is scheduled to release the weekly export...

Wheat prices usually have little impact on consumer prices at the supermarket, since the cost of wheat makes up only a small fraction of the cost of manufacturing such goods as bread and pastries. Soft red winter (SRW) wheat futures on the Chicago Board of Trade continued to set records, with the nearby contract at one point topping $8. Prices later in the week fell as the result of a market correction. The board will allow captive shippers a choice between two procedures -- a Simplified...

Zimbabwe's main bread producer has warned it only has two days' supply of flour, state media have reported. Reports say 36,000 tonnes of imported wheat are blocked in a Mozambican port owing to foreign exchange shortages. The company, Lobels Bread, said a flour shortage had already forced it to scale back its operations by 80% Lobels' operations director, Lemmy Chikomo, said stocks would run out after two days if they were to cease production. For his part, President Mugabe has accused...

South Australia, the nation's third-biggest wheat producing state, said today output of the grain may be 24 percent less than earlier forecast. Output in Australia, forecast to be the world's third- largest wheat exporter, may fall as low as 16 million metric tons, Kim Chance, minister for agriculture and food in Western Australia state, said yesterday. Wheat prices have more than doubled in the past year as rising consumption erodes global inventories to a 26-year low. Inventories...

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