Mumbai, 9 May (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat softened on Wednesday, retreating lower from multi-month highs hit earlier in the week, as weather forecasts improved in some parts of top exporter Russia and the U.S. Department of Agriculture's weekly data showed improving winter crop conditions.
CBOT July wheat settled down 8-3/4 cents at $6.34 per bushel. K.C. July hard red winter wheat settled down 15-1/2 cents at $6.48-1/2 per bushel. MGEX July spring wheat settled down 16-1/4 cents at $7.02-3/4 a bushel.
Ahead of the USDA’s weekly export sales report on Thursday, analysts expected the government to report export sales of old crop U.S. wheat as high as 100,000 tons and new crop sales as high as 600,000 tons in the week ended May 2.
Ahead of the USDA’s monthly supply/demand report on Friday, analysts expect the agency to project 2024/25 U.S. wheat ending stocks at 786 million bushels, and 698 million bushels in 2023/24.
Wheat futures fell on Wednesday as rain was forecast for parched grain belts in southern Russia. But Russian crops have also suffered from cold, with one of Russia's top grain regions, Voronezh, declaring on Wednesday a state of emergency because of frost damage to crops.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
