Mumbai, 25 Apr (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures gained more ground on Thursday, trading close to the last session's highest since late January, as dryness in key exporting countries and Russian attacks on Ukraine threatened to disrupt supplies.
The most-active wheat contract on the CBOT added 0.5% to $6.16 a bushel, having hit its highest since Jan. 25 at $6.17 a bushel in the previous session.
Dry weather is continuing to impact wheat producing regions of Russia and the United States.
In addition, attacks on Ukraine's Black Sea ports, which affected the country's grain infrastructure, raised fears of supply disruptions.
India is struggling to replenish its wheat stocks, with purchases down around 25% on last year's levels due to untimely rains and higher open market prices, which encourage farmers to sell to private traders.
If the world's second biggest wheat producer is unable to rebuild stocks as hoped, its ability to intervene in the market to calm prices may be curbed, and New Delhi may have to import wheat for the first time since 2017.
Commodity funds were net buyers of CBOT wheat on Wednesday, traders said.
(By Commoditiescontrol Bureau: 09820130172)
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