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CBOT wheat futures gain on short-covering, Middle East tensions

22 Apr 2024 8:14 am
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Mumbai, 22 Apr (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures climbed nearly 1% on Monday, with prices rising for a third consecutive session, underpinned by short-covering and geopolitical tensions.

The most-active wheat contract on the CBOT was up 0.8% at $5.71 a bushel, adding to Friday's 2.5% rally.

Reports of Israeli missile strikes in Iran on Friday fuelled fears of an escalating conflict in the Middle East, although Tehran played down the incident.

Traders had feared that expanding violence in the region could impact shipments in the region and from Russia, the world's biggest wheat exporter and an ally of Iran.

The U.S. House of Representatives on Saturday with broad bipartisan support passed a $95 billion legislative package providing security assistance to Ukraine, Israel and Taiwan, over bitter objections from Republican hardliners.

Russia's government said on Saturday it has introduced an additional quota of 5 million tons for exports of wheat, meslin, rye, barley and corn outside the Moscow-led Eurasian Economic Union until June 30 to support local producers.

The main export quota of 24 million tons had been set for Feb. 15 until June 30.

(By Commoditiescontrol Bureau: 09820130172)

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