Mumbai, 2 May (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures inched up on Thursday as traders assessed whether rainfall in the U.S. and Russian cropping zones was enough to alleviate dryness that threatens yields.
The most-active wheat contract on the CBOT was up 0.3% at $6.01 a bushel.
Wheat futures rose to a four-month high of $6.33 last week due to dry weather in southern Russia and parts of the U.S. plains, but for the time-being most analysts still expect a supply surplus this year.
The U.S. Department of Agriculture (USDA) weekly crop progress report on Monday showed 49% of the U.S. winter wheat crop rated in good-to-excellent condition, down 1% from last week but still the highest for this time of year since 2020.
Russia, the top wheat exporter, continues to ship record quantities after two consecutive large harvests, keeping a lid on prices.
Speculators hold net short positions in CBOT wheat, meaning they anticipate lower prices. Commodity funds were net sellers of wheat on Wednesday, traders said.
The U.S. dollar weakened on Wednesday after the Federal Reserve left interest rates unchanged, helping U.S. grains by making them more affordable for overseas buyers.
Egypt, a major wheat importer, has procured 1.1 million metric tons of local wheat so far in the current local harvest season, a document showed.
The U.S. spring planting season is humming along at an above-average clip, though recent and upcoming rains should slow progress during what is typically peak week for corn planting.
Ukraine's grain exports rose to 6.3 million metric tons in April from 5.5 million in March, agriculture ministry data showed. That included 4.1 million tons of corn, 1.9 million tons of wheat.
Thousands of Canadian railway workers voted to strike as early as May 22, threatening to disrupt infrastructure vital to move grain and other commodities.
Mali expects to produce 11.1 million metric tons of grains in the 2024/25 farming season, 12.1% more than provisional data provided for the previous season, its agriculture ministry said.
(By Commoditiescontrol Bureau: 09820130172)
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