Mumbai, 22 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures ended firm on Thursday in featureless trade, following strength in corn and soybean futures, brokers said.
CBOT May soft red winter wheat settled up 1-3/4 cents at $5.46-3/4 per bushel but stayed inside of Wednesday's trading range.
K.C. May hard red winter wheat ended up 1-1/4 cents at $5.81-3/4 a bushel and MGEX May spring wheat rose 1-1/2 cents to settle at $6.56-1/2.
European wheat hit a nearly one-month high before paring some of its gains as traders and funds booked profits after a gain of about 7% in two weeks.
Commodity funds hold a sizable net short position in CBOT wheat futures, leaving the market prone to bouts of short-covering, especially as traders brace for key plantings and grain stocks reports due on March 28 from the U.S. Department of Agriculture.
Traders shrugged off pressure from a stronger dollar, which tends to make U.S. grains less attractive on the world market.
The USDA's weekly export sales report showed net cancellations of U.S. old-crop wheat in the week ended March 14 totaling 109,600 metric tons. The USDA reported net sales of new-crop wheat for the week at 285,900 tons.
Expectations of another large Russian wheat harvest this year hung over the market, capping rallies. The Sovecon agricultural consultancy projected 2024 wheat production in Russia, the world's top exporter, at 94 million metric tons, up from 92.8 million tons in 2023.
(By Commoditiescontrol Bureau: 09820130172)
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