Mumbai, 07 Nov (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures edged up on Wednesday, supported by gains in corn and a rally in U.S. equities following Donald Trump’s election as U.S. president, according to analysts. Corn futures approached a one-month high, while Wall Street’s major indexes hit record levels, adding positive momentum to grain markets.
Despite a strong U.S. dollar—which typically dampens export appeal by making American farm goods pricier—grain futures managed to advance. Traders are anticipating the U.S. Department of Agriculture’s (USDA) weekly report on Thursday, which is expected to show wheat export sales between 250,000 to 550,000 metric tons for the week ending October 31.
In its upcoming monthly report on Friday, USDA is projected to estimate 2024-25 U.S. wheat ending stocks at 813 million bushels, slightly higher than last month’s forecast of 812 million bushels, based on a Reuters survey.
On the CBOT, December soft red winter wheat futures closed 3/4 cent higher at $5.73-1/4 per bushel. Meanwhile, K.C. December hard red winter wheat fell by 2-3/4 cents to $5.74 per bushel, and Minneapolis December spring wheat slipped 5 cents, finishing at $6.05-1/2 per bushel.
In Europe, Euronext wheat rebounded from a two-month low, buoyed by a sharp decline in the euro, making European wheat more competitive in global markets.
(By Commoditiescontrol Bureau: 09820130172)
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