Mumbai, 4 Apr (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures gained on Thursday as investor buying supported prices. However, gains in the wheat market were limited by plentiful Russian supplies.
The most-active wheat contract on the CBOT rose 0.1% to $5.56-1/2 a bushel.
Commodity funds were net buyers of CBOT wheat futures contracts on Wednesday, traders said.
The U.S. Department of Agriculture on Monday rated the U.S. winter wheat crop at its highest early spring level in five years, and crop-boosting rains are forecast for the southern U.S. Plains wheat belt.
Hefty wheat exports from Russia, which consultancy SovEcon estimates set a March record, are weighing on global prices.
However, Russian authorities have halted grain exports on some ships belonging to Aston, one of the biggest local grain trading houses, two industry sources said, widening a quality probe which has already curbed the exports of another major trader.
A major disruption to Russian shipments can drive up global prices.
(By Commoditiescontrol Bureau: 09820130172)
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