Mumbai, 26 Feb (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures pared some of the losses on Monday, tracking gains in broader grains market.
The most-active wheat contract on the CBOT gained 0.5% at $5.72 a bushel.
The wheat market was a little better last week, with the winter wheat catching some of a break. Chicago was up 2.32%, or 13 cents in the March contract. Kansas City saw a 1 1/2 cent higher Friday/Friday trade, or 0.26% move. Minneapolis spring wheat was down 3 ½ cents since last Friday for a 0.53% loss.
Pressure from the other major world exporters continues to drag on prices. Weekly Export Sales slipped to the lowest total in 6 weeks at 233,521 MT for the week that ended on Feb 15. That took export commitments to 91% of the USDA full year export projection, now 2% below the 5-year average pace and 6% larger than the same point last year.
Actual shipments are running a little slower, with 60% of the USDA forecast fulfilled compared to the 69% average.
Friday’s Commitment of Traders report showed spec traders in CBT wheat futures and options adding back another 12,524 contracts to their net short position as of Feb 20. They took that net short to 68,524 contracts. In KC wheat, they added another 5,499 contracts to their net short, at 41,907 contracts as of Tuesday.
(By Commoditiescontrol Bureau: 09820130172)
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