Mumbai, 1 Jul (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures remained largely unchanged on Monday following U.S. government reports indicating increased planting and inventories. The most active wheat contract on the CBOT rose by a quarter of a cent, closing at $5.73-3/4 per bushel.
The U.S. Department of Agriculture (USDA) estimated total U.S. wheat plantings at 47.2 million acres, slightly down from its March estimate of 47.5 million acres and notably lower than the 49.6 million acres planted in 2023. Additionally, the USDA reported higher stocks of corn, soybeans, and wheat as of June 1 compared to the same period last year.
Globally, wheat stocks are projected to decline to a nine-year low in the 2024-25 season due to adverse weather conditions affecting crops in Russia, the world’s leading wheat supplier. Agricultural consultancy SovEcon recently reduced its forecast for Russian wheat exports in 2024/25 to 46.1 million metric tons from an earlier estimate of 47.8 million tons, reflecting a smaller expected crop.
The Commodity Futures Trading Commission’s (CFTC) weekly commitments of traders report showed that noncommercial traders, including hedge funds, increased their net short positions in CBOT wheat, signaling a bearish outlook among these traders regarding future wheat prices.
Despite the steady performance in U.S. wheat futures, the market remains influenced by both domestic planting and inventory data and international supply concerns. The combination of increased U.S. plantings and stocks, alongside global supply challenges, continues to shape the outlook for wheat prices.
(By Commoditiescontrol Bureau: 09820130172)
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