Mumbai, 14 May (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures advanced further on Tuesday, trading near a 10-month high touched in the previous session, after frosts damaged crops in Russia raised supply concern from the world's biggest wheat exporter.
The most-active wheat contract on the CBOT was up 0.8% at $6.92-1/2 a bushel, after rising to $6.94 on Monday, its highest since last July.
Wheat has climbed around 30% so far from the lows earlier this year, corn is up around 17% and soybeans have risen 8%.
Unseasonal frosts struck Russia's southern cropping regions again over the weekend, following dry weather that had already begun curtailing yields.
Russia's IKAR agricultural consultancy cut its forecast for the country's wheat crop by 5 million metric tons to 86 million tons, and said exports would be 3.5 million tons lower at 47 million tons.
Russian wheat export prices rose last week.
In the United States, meanwhile, the Department of Agriculture (USDA) said half of the nation's winter wheat crop was in good-to-excellent condition, the highest for this time of year since 2020, but that corn planting progress was behind average.
Wheat stocks in Indian government warehouses have fallen to their lowest since 2008 after two years of poor production.
(By Commoditiescontrol Bureau: 09820130172)
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