Mumbai, 28 Sep (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures closed lower on Friday, pressured by continued selling following Thursday’s weak technical performance and strong export competition from Black Sea suppliers.
December soft red winter wheat ended down 4-1/4 cents, settling at $5.80 per bushel. Despite the dip, the contract posted a 2% gain for the week, rising 11-1/2 cents overall.
K.C. December hard red winter wheat also declined, closing 2-1/4 cents lower at $5.76-3/4 per bushel, while MGEX December spring wheat fell 3-1/4 cents to finish at $6.08-1/4 per bushel.
Traders were adjusting their positions ahead of the U.S. Department of Agriculture’s (USDA) upcoming quarterly stocks and annual small grains summary reports, both scheduled for release on Monday. Analysts surveyed by Reuters expect the USDA to report U.S. wheat stocks at a four-year high of 1.973 billion bushels as of Sept. 1, along with a slight reduction in the estimate for U.S. wheat production in the 2024/25 season.
In Europe, the European Commission cut its forecast for usable wheat production in the European Union for 2024/25 to a 12-year low, citing ongoing adverse weather conditions impacting the region’s harvest.
(By Commoditiescontrol Bureau: 09820130172)
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