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CBOT Wheat Rises on Concerns Over Dry Weather and Lower Harvest Estimates

10 Oct 2024 8:17 am
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Mumbai, 10 Oct (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat prices rose for the fourth consecutive session on Thursday, reaching a one-week high amid growing concerns over dry weather conditions in key wheat-producing regions.

The most-active CBOT wheat contract gained 1.2%, closing at $6.06 per bushel, marking its highest point since October 3 earlier in the day.

The upward trend in wheat prices is being driven by fears of adverse weather affecting crop yields in major exporting countries. On Wednesday, the Rosario Grains Exchange revised its forecast for Argentina's 2024/25 wheat harvest down to 19.5 million metric tons, compared to an earlier estimate of 20.5 million tons, highlighting the impact of unfavorable conditions.

In Russia, Agriculture Minister Oksana Lut reported that 13 million hectares have been sown with winter grain so far this year, with the goal of reaching 20 million hectares—similar to last year's levels. However, the Sovecon consultancy raised concerns about the future harvest, noting that Russia's wheat sowing rates had fallen to an 11-year low, potentially affecting the 2025 crop output.

Additionally, commodity funds were net buyers of CBOT wheat futures on Wednesday, further supporting the price rally, according to traders.

The combination of weather-related supply concerns and adjustments in harvest projections continues to bolster wheat prices in the global market.

(By Commoditiescontrol Bureau: 09820130172)


       
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