Mumbai, 4 Jul (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures ended lower on Wednesday amid optimism that Russia, a leading wheat supplier, will produce a larger crop than previously anticipated, according to traders.
Sovecon, a Russian agricultural consultancy, increased its 2024 wheat production forecast to 84.1 million tonnes, up from 80.7 million tonnes. This adjustment has contributed to a four-week decline in Russian wheat export prices, reflecting expectations of an abundant harvest and influencing global markets.
The U.S. Department of Agriculture is set to release its weekly grain and soy export sales data on Friday, delayed by one day due to the U.S. Independence Day holiday on Thursday. Analysts predict U.S. wheat export sales for the 2024-25 season to range between 350,000 and 700,000 metric tons for the week ending June 27.
Due to the holiday, CBOT markets will be closed on Thursday.
In trading, CBOT September soft red winter wheat fell by 7 cents to close at $5.74 per bushel. K.C. September hard red winter wheat decreased by 8-3/4 cents, finishing at $5.83-1/2 per bushel, while MGEX September spring wheat last traded down 9-3/4 cents at $6.21-1/4 per bushel.
European wheat prices also saw a decline.
(By Commoditiescontrol Bureau: 09820130172)
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