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CBOT wheat futures stable as US yield outlook offsets Russian losses

16 May 2024 8:28 am
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Mumbai, 16 May (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures remained stable on Thursday, as optimism about robust U.S. yields balanced concerns over potential crop losses in Russia, the leading wheat exporter, which had previously driven prices to ten-month highs. The most active wheat contract on the CBOT hovered nearly unchanged at $6.66 a bushel, following a surge to $6.97 in volatile trading on Wednesday.

Previously, high export volumes from Russia had kept prices low, but the consultancy Sovecon recently revised its forecast for Russia’s 2024 wheat harvest downward from 93 million metric tons to 85.7 million due to adverse weather and frost conditions.

Conversely, initial reports from the Wheat Quality Council’s tour in Kansas forecast an average yield of 49.9 bushels per acre for hard red winter wheat, marking the highest yield in three years. This positive development in the U.S. contrasts with the situation in Russia and supports more stable U.S. wheat prices.

Additionally, the Rosario grains exchange in Argentina has projected a promising outlook for the 2024/25 wheat season, encouraged by better soil conditions at the beginning of planting and anticipated rainfall in the region.

Commodity funds were net sellers of CBOT wheat contracts on Wednesday, traders said. Speculators have sharply reduced their net short position in recent weeks, helping lift prices.

(By Commoditiescontrol Bureau: 09820130172)


       
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