Mumbai, 4 Sep (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures edged lower on Wednesday, following a sharp rise in the previous session, as broader grain markets experienced losses.
The most-active wheat contract on the CBOT dipped 0.1% to $5.66 per bushel, marking its lowest levels since 2020 due to abundant global supplies. Speculators are increasingly betting on further price declines.
On Tuesday, the U.S. Department of Agriculture reported that U.S. weekly wheat export inspections for the week ending August 29 reached 577,944 metric tons, aligning with analysts' expectations.
In Europe, soft wheat exports from the European Union since the start of the 2024/25 season in July totaled 4.38 million metric tons by September 1, down from 5.66 million metric tons during the same period a year earlier, according to data released by the European Commission on Tuesday.
Meanwhile, Ukrainian farmers have begun sowing winter grains for the 2025 harvest, with the agriculture ministry reporting that 27,700 hectares of winter wheat have been planted so far. Additionally, Ukraine's agriculture ministry announced an agreement with traders and agricultural associations to limit wheat exports for the 2024/25 July-June season to 16.2 million metric tons.
(By Commoditiescontrol Bureau: 09820130172)
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