Mumbai, 6 Sep (Commoditiescontrol): Chicago Board of Trade (CBOT) benchmark wheat futures fell on Thursday, impacted by spillover weakness from corn futures and sustained pressure from a steady influx of low-cost Black Sea wheat exports. The December soft red winter wheat contract at CBOT settled down 6 cents, closing at $5.74-3/4 per bushel.
In other markets, the K.C. December hard red winter wheat futures also saw a decline, finishing 4-1/4 cents lower at $5.88-3/4 per bushel. Meanwhile, the MGEX December spring wheat contract edged higher, gaining 2-1/4 cents to close at $6.25-3/4 per bushel.
On the production front, Ukrainian farmers are expected to increase the winter wheat sowing area for the 2025 harvest to over 5 million hectares, up from 4.7 million hectares in 2024, according to an industry source. This move is likely to offset the anticipated reduction in winter rapeseed planting.
In France, the rain-affected soft wheat harvest is projected to yield 25.98 million metric tons this year, a sharp decrease of 26% from last year’s 35.08 million tons, according to the growers' group AGPB. However, traders believe that strong wheat supplies from the Black Sea region will compensate for the weaker French harvest.
(By Commoditiescontrol Bureau: 09820130172)
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