Mumbai, 10 May (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat turned higher on Thursday, as weather-related states of emergency were declared in key wheat producing regions in Russia, market analysts said. Traders also said they were turning their focus to Friday's U.S. Department of Agriculture supply and demand report.
CBOT July wheat settled up 3-1/2 cents at $6.37-1/2 per bushel. K.C. July hard red winter wheat settled up 3-1/4 cents at $6.52-1/4 per bushel. MGEX July spring wheat settled up 1 cent at $7.03-3/4 a bushel.
Three of Russia's key grain-growing areas declared a state of emergency on Wednesday, citing May frosts that have caused severe damage to crops and will reduce this year's harvest. The central regions of Lipetsk, Voronezh and Tambov all imposed emergency measures.
Russia will re-sow crops killed by the cold, state news agency TASS reported. Japan's Ministry of Agriculture Forestry and
Fisheries bought 114,077 metric tons of food-quality wheat from the United States, Canada and Australia in a regular tender that closed on Thursday.
The El Nino weather pattern should fade out by June but could be replaced by the La Nina phenomenon by the second half of the year, a U.S. government forecaster said on Thursday.
On Thursday, the USDA reported weekly U.S. wheat export sales for the week ended May 2 of 41,100 metric tons for the 2023-24 marketing year, falling within analysts' estimates.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
