Mumbai, 05 Nov (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures inched up on Tuesday, supported by concerns over the U.S. winter wheat crop's poor start and caution ahead of the U.S. presidential election.
The most-active wheat contract rose 0.1%, reaching $5.69-1/4 per bushel. After hitting four-year lows in recent months, wheat futures have been recovering due to emerging supply risks.
The latest U.S. Department of Agriculture (USDA) report showed only 41% of the recently planted winter wheat crop was rated in good-to-excellent condition, marking the crop's second-lowest quality start since 1986. Dry planting conditions across the U.S. and challenging weather in major wheat-producing areas like Australia, Argentina, and the Black Sea region have pressured yields.
Recent rains in some U.S. wheat-growing zones have slightly eased concerns, while significant rainfall in Argentina’s southern agricultural areas has supported crop health, according to the Rosario Grains Exchange (BCR).
Global competition remains high, with Egypt’s state grain buyer GASC reportedly purchasing 290,000 metric tons of wheat in an international tender, emphasizing the ample Black Sea supplies that are also weighing on Euronext wheat prices.
Additionally, traders remain cautious about possible policy changes after the U.S. election, as proposed tariffs by Donald Trump could impact agricultural trade if implemented. Attention is now on the USDA's monthly report due Friday, which is expected to provide key insights into crop supply, demand, and stockpiles.
(By Commoditiescontrol Bureau: 09820130172)
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