Mumbai, 6 May (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures dropped more than 1% on Monday, giving up some of the recent gains which were triggered by dry weather in top exporter Russia.
The most-active wheat contract on the CBOT fell 1.5% to $6.13-1/4 a bushel.
Worries of crop losses in Russia has been driving gains in wheat market over the past few weeks with CBOT wheat up 8% in April.
Russia's IKAR agricultural consultancy has cut its forecasts for Russia's wheat crop to 91 million tons from 93 million tons and wheat exports to 50.5 million tons from 52 million tons, it said on Friday.
Meanwhile, the Crop Progress data from Monday showed 30% of the US wheat crop headed, vs. the 21% average. Condition ratings slipped 1% this week to 49% gd/ex, or a 344 (-2) rating on the Bruger500 index. The spring wheat crop was 34% planted, 15% above the average pace.
The weekly Export Sales report showed a net reduction of 20,298 MT of wheat sales in the week of April 25. New crop sales were tallied at 406,911 MT. Export data released by Census indicated 2.09 MMT (77.1 mbu) of wheat shipped in March, an 18-month high.
The weekly CFTC Commitment of Traders report showed spec funds in CBOT wheat slashing 28,318 contracts from their net short position as of 4/30 at 47,886 contracts. That was the smallest net short since last July. In KC wheat, they cut a large 18,598 contracts from that net short position to 29,610 contracts as of Tuesday.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
