Mumbai, 28 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) edged up on Thursday, as traders braced for quarterly grain stocks and planting intention reports due later in the day from the U.S. government.
The most-active wheat contract on the CBOT was up 0.2% at $5.48-1/2 a bushel.
Earlier this week, plentiful supply pushed the contracts this year to lowest levels since 2020 and speculators are betting on further falls. Wheat hit $5.24 in March, the lowest since August 2020.
The U.S. dollar has also strengthened in 2024, making U.S. farm products less attractive to importers.
The U.S. Department of Agriculture (USDA) will release prospective plantings and quarterly grain stocks reports at noon EDT (1600 GMT).
Analysts expect USDA data to show that U.S. stocks of soybeans, corn and wheat were higher on March 1 than a year earlier. They also predict that U.S. corn and wheat plantings will fall from 2023 levels this year and soybean plantings will increase.
However, stocks and acres reports from the USDA always present volatility risks for grain markets since the outcomes are often unpredictable.
The USDA will also on Thursday report U.S. grain export sales data for the week ended March 21.
Commodity funds were net buyers of CBOT wheat on Wednesday, traders said.
(By Commoditiescontrol Bureau: 09820130172)
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