Mumbai, 29 Jun (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures declined on Friday, driven by a bearish corn market and the release of the latest U.S. Department of Agriculture (USDA) acreage and stocks data.
The CBOT September soft red winter wheat contract settled down 6 cents at $5.73-1/2 per bushel. Similarly, K.C. September hard red winter wheat fell 9-1/4 cents to close at $5.87-1/2 per bushel, while MGEX September spring wheat remained flat at $6.18 per bushel. This significant decline marks a 16% drop in the most active wheat futures for the month, the steepest monthly fall since June 2022.
Analysts indicated that wheat prices followed the corn market lower after the USDA released its latest report. The USDA estimated total U.S. wheat plantings at 47.2 million acres, down from its March estimate of 47.5 million acres and significantly below the 49.6 million acres planted in 2023. Analysts had expected an average of 47.7 million acres.
Additionally, U.S. wheat stocks were reported at 0.702 billion bushels, slightly above the trade estimate of 0.684 billion bushels, further contributing to the downward pressure on prices.
Internationally, Russia's Sovecon consultancy revised its wheat export estimate down to 46.1 million metric tons from 47.8 million metric tons, reflecting potential supply challenges.
CBOT reported 1,129 deliveries against the July WN24 wheat contract on the first notice day, aligning with trade expectations. On the trading front, commodity funds were net sellers of CBOT wheat futures contracts on Friday, while they remained net buyers of soyoil.
Overall, the wheat market faces pressures from both domestic planting estimates and international export forecasts, contributing to the current pricing trends. Traders and analysts will continue to monitor these factors closely as the market adjusts to the new data.
(By Commoditiescontrol Bureau: 09820130172)
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