Mumbai, 7 Sep (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures declined on Friday as traders locked in profits following a rally earlier in the week. However, the market still ended the week on a positive note.
The December soft red winter wheat contract settled down 7-3/4 cents at $5.67 per bushel but closed the week up by 2.8%. K.C. December hard red winter wheat also fell, dropping 11-1/4 cents to $5.77-1/2 per bushel, while MGEX December spring wheat declined 12 cents to $6.13-3/4 per bushel.
The previous rally was driven by speculators unwinding some of their significant short positions, providing temporary support to prices.
In global developments, Russia, the world's largest wheat exporter, declared a state of emergency in the Tomsk region of Siberia due to weather-related damage to its wheat harvest, as announced by the regional governor.
Meanwhile, Ukraine, a key wheat and corn producer, reported an increase in grain exports for the 2024/25 July-June season. By September 6, exports had reached 7.5 million metric tons, up from 4.9 million tons during the same period last season. This included 4 million tons of wheat.
The U.S. Department of Agriculture (USDA) reported weekly U.S. wheat export sales for the 2024/25 season at 340,000 metric tons, within the range of analysts' expectations of 300,000 to 600,000 tons.
Wheat prices have also been supported by reports of poor harvests in Europe, particularly in France, the region's largest producer. France is expected to produce its smallest wheat crop in over 40 years, with mixed grain quality further adding to supply concerns.
Despite the current pullback, wheat markets remain underpinned by these global supply challenges. Traders continue to monitor weather conditions and export data for further direction.
(By Commoditiescontrol Bureau: 09820130172)
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