Mumbai, 24 Apr (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures softened for the first time in five sessions on Wednesday, with prices coming off two-month high reached in the last session, although losses were limited by worries over adverse weather in key northern hemisphere exporters.
The most-active wheat contract on the CBOT lost 0.5% to $6.00 a bushel, having climbed to its highest since mid-February at $6.03-1/2 a bushel on Tuesday.
The wheat market is giving up some of its recent gains, which were driven by a decline in U.S. crop ratings and dryness impacting maturing crops in Russia.
The U.S. Department of Agriculture's (USDA) weekly crop progress report showed 50% of U.S. winter wheat crop in good-to-excellent condition, down from 55% a week earlier and 4% points short of the average estimate of analysts polled by Reuters. The bigger-than-expected drop came after dry weather hit hard red winter wheat producing areas of Oklahoma and Kansas.
Dry weather in southern Russia and a cold spell in western Europe added to worries.
Argus Media has cut its forecast for wheat output this year in Ukraine, a leading exporter of the grain, to 19.93 million metric tons, down some 230,000 tons from previously and 11% below the year before due to a lower planted area.
Commodity funds were net buyers of CBOT wheat futures contracts on Tuesday, traders said.
(By Commoditiescontrol Bureau: 09820130172)
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