Mumbai, 2 Jul (Commoditiescontrol): Chicago Board of Trade (CBOT) futures declined on Tuesday, pulling back from gains made in the previous session. The drop was mitigated by worsening crop conditions in the U.S. Midwest, attributed to adverse weather.
The most actively traded wheat contract on the CBOT fell by 0.9%, closing at $5.85-1/4 per bushel.
In the global market, Russian wheat export prices dropped for the fourth straight week, reflecting the broader market trend and encouraging news about the new harvest. The price for 12.5% protein Russian new crop wheat, set for free-on-board (FOB) delivery in late July, stood at $226 per metric ton at the end of last week. This represents a $5 decrease from the previous week’s price, as reported by the IKAR consultancy.
Despite the downturn, commodity funds were net buyers of CBOT wheat contracts on Monday, according to traders.
(By Commoditiescontrol Bureau: 09820130172)
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