Mumbai, 1 Jun (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures fell for a second consecutive session on Friday, influenced by forecasts of potentially beneficial rains in Russia and profit-taking by traders following a mid-week rally, market analysts reported.
Despite initial concerns about the extent of relief the rains might bring to Russia's frost-damaged crops, traders showed less anxiety as the day progressed. The U.S. Department of Agriculture (USDA) reported old-crop wheat export sales at 381,700 metric tons for the week ending May 23, aligning with trade expectations of 200,000 to 400,000 tons.
CBOT July wheat closed 2-1/2 cents lower at $6.78-1/2 a bushel. Over the week, the most-active wheat futures contract on a continuous chart saw a 2.69% decline. K.C. July hard red winter wheat fell by 3/4-cent to $7.08-3/4 a bushel, while MGEX July spring wheat dropped 2-1/4 cents to settle at $7.39-3/4 a bushel.
In international trade, South Korea's Major Feedmill Group (MFG) purchased an estimated 63,000 metric tons of animal feed wheat in a tender on Friday, aiming for up to 132,000 metric tons. Some traders anticipated that this wheat would be sourced from the U.S. Pacific Northwest for shipment in July.
Meanwhile, Argentina's National Weather Service predicted below-normal rainfall in the western part of the country's agricultural heartland over the next three months. The rest of the Pampas region is expected to see normal to below-normal rainfall. This forecasted drop in precipitation comes during the closing stages of Argentina's 2023/24 soybean and corn harvests and the wheat planting season for 2024/25.
Additionally, commodity funds were net sellers of CBOT wheat futures contracts on Friday, contributing to the decline in prices.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
