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CBOT Wheat Declines on Weak U.S. Demand, Gains for the Week on Russian Planting Concerns

27 Sep 2024 8:40 am
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Mumbai, 27 Sep (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures fell by about 1% on Friday, weighed down by sluggish demand for U.S. shipments. However, the market remains poised for a weekly gain amid growing concerns that dry weather conditions may disrupt wheat planting in Russia, a major global exporter.

The most-active CBOT wheat contract dropped to $5.78-1/2 a bushel, reflecting a 1% decline. Despite Friday’s dip, the contract has risen by 1.8% over the week, recovering some losses from the previous week.

U.S. wheat demand continues to face challenges, putting downward pressure on prices. In contrast, Russia's winter wheat planting for the 2024 crop is at an 11-year low due to drought in key agricultural regions, according to the Sovecon consultancy.

Additionally, Russia’s IKAR agricultural consultancy has revised its forecast for the 2024 wheat crop down to 81.8 million metric tons, from the earlier estimate of 82.2 million tons. The overall grain production forecast has also been lowered slightly, from 125 million tons to 124.5 million tons.

Traders are now focusing on the U.S. Department of Agriculture's (USDA) upcoming reports, including the annual small grains summary and the quarterly grain stocks, set to be released on Monday.

Meanwhile, commodity funds were net sellers of CBOT wheat futures on Thursday, while they were net buyers of corn futures, traders said.

(By Commoditiescontrol Bureau: 09820130172)


       
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