Mumbai, 18 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures rebounded on Monday, snapping last four sessions losing streak, as Russian attacks on Ukraine's agricultural infrastructure over the weekend supported prices.
The most-active wheat contract on the CBOT rose 1.1% to $5.34-1/4 a bushel. The contract fell 1.7% last week to trade near its weakest level in three-and-a-half years.
Russian air attacks damaged agricultural enterprises and destroyed several industrial buildings in the Black Sea port of Odesa, Ukraine's forces said on Sunday.
Most of Ukraine's regions have started 2024 spring sowing, seeding the 128,100 hectares of spring wheat, peas, barley and oats. Last month, the country's agriculture ministry said that farmers were expected to reduce the area sown with corn by 9% year-on-year.
U.S. wheat is facing intense competition from heavy flow of Russian supplies, which has prompted Chinese buyers to cancel some of the deals to buy U.S. and Australian cargoes.
The U.S. Department of Agriculture recently confirmed in its daily reporting system that exporters reported cancellations of more than 500,000 tons of U.S. wheat sold to China. Sources said Chinese importers also cancelled and postponed over 1 million tons of Australian wheat amid low Black Sea prices.
The Commodity Futures Trading Commission's weekly commitments of noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat.
(By Commoditiescontrol Bureau: 09820130172)
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