Mumbai, 17 Feb (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures set a contract low on Friday, and have recorded their biggest weekly loss since September 2023, on large Us inventory build-up alongside ample global supplies and stiff competition for export business, analysts said.
Agricultural consultancy IKAR forecast wheat production in top global supplier Russia at 93 million metric tons. Another consultancy, Sovecon, this week raised its crop estimate to 93.6 million tons.
A purchase by Egyptian state buyer GASC of 180,000 metric tons of wheat from Ukraine and Romania in a tender on Thursday highlighted competition to win limited international demand, traders said.
he U.S. Department of Agriculture this week estimated 2024/25 ending stocks in the U.S. will rise to 769 million bushels, which would be a four-year high if realized and up from 658 million in 2023/24.
CBOT March soft red winter wheat settled 6-1/2 cents lower at $5.60-1/2 per bushel, down 6.1% for the week. Deferred months set contract lows.
K.C. March hard red winter wheat dropped 8-1/2 cents to $5.67-1/4 a bushel and set a contract low of $5.63.
MGEX March spring wheat set a contract low of $6.51 a bushel and last traded down 3-1/4 cents at $6.54-3/4 a bushel.
European wheat futures set a 2-1/2-year low.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
