Mumbai, 22 Jun (Commoditiescontrol): Wheat futures on the Chicago Board of Trade (CBOT) fell on Friday, pressured by improving global supply conditions and a rapidly advancing U.S. harvest. CBOT July soft red winter wheat dropped 11-1/4 cents, closing at $5.61-1/2 per bushel. Similarly, K.C. July hard red winter wheat fell 10-3/4 cents to $5.81-1/4 per bushel, and MGEX July spring wheat decreased by 7-1/4 cents to settle at $6.11-1/2 per bushel.
For the week, July soft winter wheat experienced a notable decline of 51-1/2 cents, marking its fourth consecutive weekly drop. Analysts attribute this continuous price pressure to the swift progress of the U.S. wheat harvest and expectations of substantial Black Sea supplies.
In a positive development for U.S. wheat exports, the USDA reported that net U.S. wheat export sales for the week ending June 13 totaled 589,700 metric tons for the 2024/25 marketing year, which began on June 1. This figure exceeded trade estimates, which ranged from 200,000 to 500,000 tons.
In international trade news, the Taiwan Flour Millers' Association purchased approximately 104,150 metric tons of U.S. milling wheat in a tender on Friday, according to European traders.
The advancing U.S. harvest and robust global supply forecasts continue to weigh on wheat futures, maintaining downward pressure on prices.
(By Commoditiescontrol Bureau: 09820130172)
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