Mumbai, 10 Apr (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures edged down on Wednesday, declining for a third straight session, weighed down by expectations of bumper supplies from the northern hemisphere later this year.
The most-active wheat contract on the CBOT was down 0.1% at $5.57 a bushel.
Argus has raised its forecast for Russian wheat production this year to 92.1 million metric tons, with an increased estimate for the winter wheat area outweighing less favourable prospects for spring wheat planting and yields.
The estimate for higher Russian output comes after a U.S. report showed healthy condition of the winter crop despite adverse weather conditions.
U.S. Department of Agriculture (USDA) crop progress figures released on Monday showed a good/excellent rating for U.S. winter wheat of 56%, despite worries over the impact of past dry weather in the wheat-growing Plains.
Forecasts for more rain in the U.S. Plains next week and drier conditions in the southern Delta area further eased fears about weather-related stress to wheat crops and delays to corn planting.
Traders are adjusting their positions ahead of Wednesday's U.S. inflation data and Thursday's release of USDA's monthly supply and demand report and Brazilian agency Conab's monthly national crop forecasts.
Commodity funds were net sellers of CBOT wheat futures contracts on Tuesday, traders said.
(By Commoditiescontrol Bureau: 09820130172)
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