login_img.jpg
Login ID:
Password:
Partner Login
Contact Us : 7066511911

CBOT Wheat Rises for Fourth Session on Russian Crop Concerns

6 Dec 2024 9:47 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 06 Dec (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures extended their rally for a fourth consecutive session on Friday, poised for a weekly gain amid worries about poor winter wheat crop conditions in Russia.

The most-active wheat contract edged up 0.13% to $5.59 per bushel, registering a 2% weekly increase.

Market analysts pointed to reduced wheat production in Russia as a significant driver of price support. "Lower output in Russia could drastically limit exportable stocks at a time when the stocks-to-use ratio among the top eight wheat exporters is at its lowest in over a decade," said Andrew Whitelaw, an agricultural consultant at Episode 3 in Canberra.

Russia's Deputy Prime Minister Dmitry Patrushev highlighted challenges with the country's winter wheat crops, which are reportedly in poor condition and may require partial replanting with spring crops. The outlook for next year's harvest remains uncertain.

Adding to supply concerns, Ukraine’s shipping capabilities in the Black Sea could face heightened risks, according to Reuters analyst Karen Braun. Together, Russia and Ukraine accounted for nearly one-third of global wheat exports in the last marketing year, making any disruptions significant for the global market.

Meanwhile, Argentina's wheat production is showing promise, with the Buenos Aires Grain Exchange revising expectations upward as ongoing harvests reveal better-than-anticipated yields.

In Canada, wheat production increased in 2024 compared to the previous year, according to a Statistics Canada farm survey. However, the survey also indicated a decline in canola and barley output.

Additionally, commodity funds were net buyers of CBOT wheat futures on Thursday, further bolstering prices as traders monitored the global supply outlook.

(By Commoditiescontrol Bureau: 09820130172)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Post Comment  

Latest Market Commentary
CBOT Wheat Falls on Profit-Taking, Trade Uncertainty
Wheat Prices Stabilize and Firm Amid Speculation on Gov...
Maize Prices Display Range-Bound Trading Amid Uncertain...
CBOT Wheat Hits Multi-Month High on Black Sea Crop Worr...
Wheat Prices Steady to Weak Amid FCI Auction Pressure
more
Top 5 News
Sugar No. 11: Managed Money Increases Short Bets Amid R...
MUMBAI MINOR METAL 08 Feb 2025
Cotton Arrivals Across Major Producing States Total 99,...
Cotton Prices Stable in Karnataka as Spinning Mills Due...
All India Steel Rate 08 Feb 2025
Top 5 Special Reports
CFTC Data Shows Cobalt Market Weakens as Managed Money...
CFTC Data Reveals Surge in Bullish Copper Bets on COMEX...
CFTC Data:Corn Market Gains Momentum as Speculative Int...
CFTC Data: Speculators Maintain Bullish Bias in Coffee ...
CFTC Data: Cocoa Speculators Cut Longs Amid Market Cau...
Copyright © CC Commodity Info Services LLP. All rights reserved.