Mumbai, 15 Apr (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures softened on Monday as a firm dollar made U.S. exports more expensive for overseas buyers, while other currencies and large shipments from Russia underlined plentiful global supply.
The most-active wheat contract on the CBOT was down 0.5% at $5.53 a bushel.
The U.S. dollar held near Friday's 5-1/2-month high, potentially dampening export demand.
Repeated Russian attacks on Ukrainian energy infrastructure threaten to disrupt Black Sea exports, but Russian and Ukrainian grain has so far continued to flow, with Russia shipping record volumes.
Ukraine's national railway has extended a ban on transportation in the direction of the large Black Sea port of Chornomorsk until April 17, the company said on Friday.
The condition of French soft wheat declined slightly for a second week to remain at its poorest in four years, data from farm office FranceAgriMer showed.
Meanwhile, the U.S. Crop Progress data showed 6% of the US wheat crop headed, as against the 5% average. Condition ratings were steady last week 56% gd/ex, or a 348 rating on the Bruger500 index. The spring wheat crop was 3% planted, even with the average pace.
The USDA’s updated US balance sheet for wheat saw a 25 mbu hike to the carryout figure, now at 698 mbu. That was mainly from a 30 mbu cut to feed and residual following the Grains Stocks report at the end of March. Export Sales data tallied wheat at bookings at just 80,720 MT for the week of April 4. New crop sales were seen at the second largest this MY at 274,390 MT.
US wheat export commitments are now 98% of the USDA full year export projection, 4% below the 5-year average pace. Actual shipments are running a little slower, with 78% of the USDA forecast fulfilled compared to the 82% average.
CFTC data showed spec funds in CBT wheat trimming 5,376 contracts from their net short position as of 4/9 at 86,568 contracts. In KC wheat, they added back 4,137 contracts from that position to 44,611 contracts.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
