Mumbai, 26 Apr (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures eased on Friday but were on track for their biggest weekly gain in two years as dry weather in parts of Russia and the United States threatened to curb supplies.
The most-active wheat contract on the CBOT eased 0.1% to $6.19-3/4 a bushel.
Dry weather in some Russian and U.S. wheat producing regions kept attention focused on spring weather risks to northern hemisphere crops, encouraging investors to cover some of their large short positions in wheat.
Forecasts showed limited rain relief in southern Russia until at least early May, though parts of the U.S. Plains could get moisture this week. For week, wheat is up 9.3%, the biggest rise since March 2022.
The European Commission on Thursday cut its forecast for the European Union's main wheat crop in 2024/25 to a new four-low as it projected a bigger fall in area than previously expected.
In supply and demand data, the Commission pegged usable production of common wheat, or soft wheat, at 120.2 million metric tons, down from 120.8 million in its initial outlook last month and still the lowest since 2020.
Commodity funds were net buyers of CBOT wheat on Thursday, traders said.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
