Mumbai, 26 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures edged higher on Tuesday, rising near three-week high, benefiting from prevailing geopolitical situation that spur supply concerns, due to dispute between Russian shippers and regulators over grain quality.
The most-active wheat contract on the CBOT was up 0.3% at $5.56-1/2 a bushel after reaching $5.67 on Monday, its highest since March 4. Wheat fell as low as $5.23-1/2 this month.
Russian authorities are preventing the processing and shipment of about 400,000 metric tons of grains, the owner of one of Russia's largest grain exporters, TD RIF, said.
Authorities say their action follows complaints from importing countries about the non-compliance of Russian grain quality with quarantine requirements.
Traders were already concerned about the impact on Ukrainian wheat exports of Russian attacks on Ukraine's port and energy infrastructure.
Meanwhile, winter grain crops are in mediocre condition in large parts of the European Union, EU crop monitoring service MARS said.
However, huge supply from Russia - the biggest exporter - has driven down wheat prices and analysts predict that shipments could set a new March record of 5 million tons this month.
Traders are waiting for a USDA planting intentions report due on Thursday, with analysts predicting an increase in soybean area and declines in corn and wheat area.
(By Commoditiescontrol Bureau: 09820130172)
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