Mumbai, 16 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures softened on Friday, pressured by a sluggish demand and as growing world stockpiles dragged down prices.
CBOT May soft red winter wheat settled down 3-3/4 cents at $5.28-1/2 per bushel. The week's settlement was down 9-1/4 cents or 1.7% from the previous Friday, its third straight week of decline.
K.C. May hard red winter wheat settled down 8-1/2 cents at $5.66-1/4 per bushel and MGEX May spring wheat closed down 8-3/4 cents at $6.46-1/2 per bushel.
Russia's IKAR agricultural consultancy said it expects the country's 2024/25 wheat crop to clock in at 93 million tons, up from 91.6 million tons in 2023/24, Russian news agency Interfax reported on Thursday.
The International Grains Council on Thursday forecasted a record global grain crop in the 2024/25 season.
The USDA reported export sales of U.S. 2023/24 wheat in the week ended March 7 at 83,800 metric tons, a marketing year low.
Chinese wheat importers have canceled or postponed about one million metric tons of Australian wheat cargoes.
Around 500,000 metric tons of U.S. wheat export sales to China have been canceled in the last week.
(By Commoditiescontrol Bureau: 09820130172)
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