Mumbai, 9 Feb (Commoditiescontrol): Chicago Board of Trade wheat futures closed lower on Thursday on continued pressure from strong export competition and a stronger dollar , which tends to make U.S. grains less attractive globally, traders said.
The U.S. Department of Agriculture's monthly world supply and demand outlook raised expected Ukrainian wheat exports, adding to export market pressure.
CBOT March soft red winter wheat settled 13-1/2 cents lower at $5.88-1/2 per bushel.
March hard red winter wheat last traded down 16-1/4 cents at $6.02 a bushel. All but two of the K.C. HRW wheat contracts made new lows on the day.
And MGEX March spring wheat settled down 12-1/2 cents at $6.83-3/4 a bushel. Six out of the seven MGEX spring wheat futures contracts set new contract lows on Thursday.
Statistics Canada reported Canadian all-wheat stocks as of Dec. 31 at 20.681 million metric tons, near an average of analyst expectations for 20.7 million tons and down 10.3% from a year ago.
An unrelenting decline in Russian prices has continued to heightened concerns that U.S. grains will continue to face stiff competition in export markets.
Separately, USDA reported export sales of U.S. 2023/24 wheat in the week ended Feb. 1 at 378,400 metric tons, in line with trade expectations for 275,000 to 550,000 tons.
(By Commoditiescontrol Bureau: 09820130172)
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