Mumbai, 12 Dec (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures declined on Thursday after the Rosario Grains Exchange raised its production outlook for Argentina's grain crop. Corn also eased from its recent 5-1/2-month high, adding to the downward pressure on the wheat market.
The most actively traded CBOT wheat contract fell 0.4% to $5.61-1/4 per bushel, retreating from the two-week high of $5.69-1/2 reached in the previous session. Wheat prices have faced challenges this year, touching four-year lows due to abundant global supplies and struggling to recover meaningfully.
Despite the overall bearish sentiment, some factors provided temporary support for wheat prices. The U.S. Department of Agriculture (USDA) recently lowered its forecast for U.S. wheat ending stocks to 795 million bushels, down from 815 million bushels in its previous estimate. Additionally, commodity funds were net buyers of CBOT wheat futures on Wednesday, according to traders.
Russia, the world's largest wheat exporter, has also played a role in market dynamics. Russian export prices edged higher last week amid reports of poor winter crop conditions, and analysts predict export volumes will drop to below-average levels in December.
While global factors such as Argentina's improved outlook weigh on the market, uncertainties surrounding U.S. stocks and Russian exports could influence wheat prices in the weeks ahead.
(By Commoditiescontrol Bureau: 09820130172)
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