Mumbai, 3 Jul (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures edged higher on Wednesday, although gains were limited by the rapid progress of the U.S. wheat harvest.
The most-active wheat contract on the CBOT rose 0.3% to $5.82-1/2 a bushel, recovering slightly after hitting a two-month low of $5.57 in June.
The U.S. Department of Agriculture (USDA) reported that the harvesting of the U.S. winter wheat crop continued to advance ahead of the average pace. Additionally, condition ratings for spring wheat in the northern Plains have improved.
Despite the increase in U.S. wheat futures, Russian wheat export prices declined for the fourth consecutive week. However, uncertainty remains regarding the final size of Russia's harvest, which is crucial as the country is the world's largest wheat exporter.
On Tuesday, commodity funds were net sellers of CBOT wheat futures, according to traders.
(By Commoditiescontrol Bureau: 09820130172)
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