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CBOT Wheat Prices Gain for Third Consecutive Session Amid Global Supply Concerns

9 Oct 2024 8:33 am
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Mumbai, 9 Oct (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures continued to rise on Wednesday, gaining ground for the third straight session. Prices were bolstered by concerns over dry weather conditions in major wheat-producing regions, which could impact global yields. The most-active wheat contract on the CBOT increased by 0.3%, reaching $5.96-1/4 per bushel.

Dry conditions in key exporting countries, including Australia, Russia, and the United States, are raising alarms about potential reductions in world wheat supplies. Russia, the largest global wheat exporter, has harvested approximately 85 million metric tons of wheat and 120 million tons of total grain from 90% of its seeded area so far, according to Agriculture Minister Oksana Lut. However, the country's grain harvest forecast for 2024 stands at 132 million tons, an 11% decrease from the 148 million tons produced in 2023 and a 16% drop from the record 158 million tons harvested in 2022.

In the European Union, soft wheat exports for the 2024/25 season, which began in July, reached 6.35 million metric tons by October 6. This marks a 29% decline from the 8.9 million tons exported during the same period last year, according to data released by the European Commission.

As the market digests these global supply concerns, traders are also looking ahead to the upcoming U.S. government crop forecasts set to be released on Friday. The report will include updated estimates for U.S. corn and soybean harvests, following last month's projections of record yields for both crops.

Meanwhile, commodity funds were net buyers of CBOT wheat futures on Tuesday, reflecting growing interest in wheat contracts amid supply uncertainties.

(By Commoditiescontrol Bureau: 09820130172)


       
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