Mumbai, 06 Nov (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures rose on Tuesday, lifted by short-covering as traders awaited U.S. presidential election results and a key crop report expected later in the week. Analysts noted that some grain traders either adjusted their positions or temporarily withdrew from the market as Americans went to the polls.
Weather conditions in the U.S. wheat-growing regions are also impacting futures, with continued rain showers easing dryness in the Plains, creating a bearish outlook for wheat. In its latest weekly report, the U.S. Department of Agriculture (USDA) raised the good-to-excellent rating for the U.S. winter wheat crop, though the rating remains below historical averages.
Looking ahead, the USDA’s monthly report due Friday is expected to project U.S. wheat ending stocks for the 2024-25 season at 813 million bushels, up slightly from last month’s 812 million bushels, according to a Reuters survey.
At Tuesday’s close, CBOT December soft red winter wheat futures gained 3-3/4 cents, settling at $5.72-1/2 per bushel. K.C. December hard red winter wheat rose by 5-3/4 cents to $5.76-3/4 per bushel, while Minneapolis December spring wheat added 5-1/2 cents to reach $6.10-1/2 per bushel.
In Europe, Euronext wheat prices held around a two-month low amid stiff competition from Black Sea exports. Egypt’s state grains buyer reportedly purchased 290,000 metric tons of wheat in an international tender, reflecting ongoing competition in the global wheat market.
(By Commoditiescontrol Bureau: 09820130172)
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