Mumbai, 27 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures softened on Wednesday towards 3-1/2-year lows as traders dismissed concerns that exports from top supplier Russia would be disrupted.
The most-active wheat contract on the CBOT was down 0.6% at $5.40-1/2 a bushel. CBOT wheat futures fell near their lowest levels since 2020 and speculators have bet heavily on further declines.
Wheat futures advanced to $5.67 on Monday, the highest levels since March 4, as a dispute between Russian authorities and a leading export company held up shipments.
Also, creating supply concerns were Russian attacks on infrastructure in Ukraine, another large grain exporter, and accusations that Kyiv helped arrange a terror attack in Moscow.
But those worries have faded in the face of huge volumes of wheat still emerging from Russia, which expects a third consecutive large harvest this year and could set a new March shipping record of 5 million tons this month.
CBOT wheat fell earlier this month to $5.23-1/2, the lowest level since August 2020.
Commodity funds were net sellers of CBOT wheat futures contracts on Tuesday, traders said.
Elsewhere, soft wheat exports from Europe were slightly down on last year's pace and soybean imports into Europe were roughly unchanged from last year, EU data showed.
Ahead of a U.S. planting report on Thursday, grain market analysts predict U.S. corn and wheat plantings will fall in favour of soybeans.
(By Commoditiescontrol Bureau: 09820130172)
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