Mumbai, 6 Jul (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures surged on Friday, driven by rising demand for U.S. wheat bolstered by a weaker dollar and the availability of new-crop wheat, traders reported.
The appeal of freshly harvested U.S. wheat has significantly increased, attracting more buyers. This uptick comes as France's soft wheat harvest is anticipated to yield at an eight-year low, 11% below the 10-year average, due to unusually wet weather conditions, according to crop institute Arvalis and grain industry group Intercereales.
The U.S. Department of Agriculture (USDA) reported net U.S. wheat export sales for the week ending June 27 at 805,300 metric tons for the 2024/25 marketing year, surpassing trade estimates of 350,000 to 700,000 tons.
CBOT September soft red winter wheat climbed 16-1/2 cents, closing at $5.90-1/2 per bushel. Similarly, K.C. September hard red winter wheat rose by 15-1/2 cents to end at $5.99 per bushel, and MGEX September spring wheat increased by 11 cents, last trading at $6.33-3/4 per bushel.
This market movement highlights the influence of global crop conditions and currency fluctuations on U.S. wheat demand, positioning American wheat as a more attractive option amid challenging agricultural outputs in other major wheat-producing regions.
US harvest pressure continues, as Crop Progress data showed harvest at 54% complete by last Sunday, still well above the 39% average. Condition ratings were back down 1% in the final release of the year at 51% gd/ex, with the Brugler500 index 1 point lower at 341.
The spring wheat crop was 38% headed, 1% ahead of the average pace, with conditions up 1% to 72% and 5 points higher to 378 on the Brugler500 index. May wheat exports totaled 1.589 MMT (58.4 mbu), which was a 3-year high.
That took the total for the marketing year, including products, to 715 mbu, which is 5 mbu shy of the USDA full year estimate. Delayed Export Sales data from USDA showed 24/25 sales building on last week’s large total to 805,318 MT during the week of 6/27, the largest for any week since last December and beating out most trade expectations.
(By Commoditiescontrol Bureau: 09820130172)
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