Mumbai, 15 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat prices regained ground on Friday after deep losses in the previous session, although the contract was on track for a third weekly decline as markets face pressure from Chinese buyers cancelling shipments amid plentiful global supplies.
The most-active wheat contract on the CBOT edged up 0.1% to $5.33 a bushel, corn added 0.1% to $4.34-1/4 a bushel and soybeans shed 0.1% to $11.93-3/4 a bushel.
For the week, wheat is down almost 1%, having lost more than 6% in three weeks, corn is down 1.2% and soybeans have added nearly 1%.
Chinese wheat importers have cancelled or postponed about one million metric tons of Australian wheat cargoes as growing world stockpiles drag prices lower. This news came after the U.S. government reported cancellation of more than 500,000 metric tons of U.S. wheat exports last week to China.
Cancellation of shipments by China, the world's No. 1 wheat buyer, are heightening concerns among exporters over rising world surplus.
The International Grains Council on Thursday forecast a record global grain crop in the 2024/25 season, reinforcing concerns about a global glut.
The inter-governmental body, issuing its first full set of supply and demand projections for the 2024/25 season, saw global grains production rising to a record 2.332 billion metric tons from the prior season's 2.304 billion.
Commodity funds were net sellers of CBOT wheat futures contracts on Thursday, traders said.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
