Mumbai, 13 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures ended higher on Tuesday, extending last week's rally on technical positioning and short covering, although analysts say the fundamentals remain poor.
CBOT May soft red winter wheat settled up 1/4 cent to 547-1/2. K.C. May hard red winter wheat settled down 1-1/2 cents to $597-1/4 per bushel and MGEX May spring wheat closed up 2 cents to finish at $6.72 a bushel.
Ukraine's diminished harvest as well as excessively rainy weather in France may be playing a small role in boosting wheat prices, analysts said.
Ukraine's 2024 combined grain and oilseeds harvest is likely to shrink to 76.1 million metric tons from 82.6 million tons last year and below the 107 million tons harvested before the Russian invasion, Ukrainian grain traders union UGA said. The harvest could include 26.3 million tons of corn and 20 million tons of wheat, the UGA said.
The U.S. Department of Agriculture on Monday rated 53% of the winter wheat in top producer Kansas in good-to-excellent condition, unchanged from the previous week.
Good-to-excellent ratings for Oklahoma's wheat were steady at 65%, while ratings in Texas rose to 44% good to excellent, up from 43% a week ago.
Ongoing pressure from cheaper Russian wheat offerings and hefty global supply limited price gains on the day, traders said.
(By Commoditiescontrol Bureau: 09820130172)
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