Mumbai, 23 Apr (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat extended gain for third day in a row on Tuesday, with the market trading close to the last session's highest in more than two months after a U.S. report showed a decline in the winter crop condition amid worries over dryness in Russia.
The most-active wheat contract on the CBOT added 0.2% to $5.88-3/4 a bushel, not far from Monday's highest since mid-February at $5.96 a bushel.
The U.S. Department of Agriculture's (USDA) weekly crop progress report showed 50% of U.S. winter wheat crop in good-to-excellent condition, short of the average analyst estimates polled by Reuters by 4 percentage points.
The ratings are still the highest for this time of year since 2020, though the surprising reduction may raise concerns about dry weather in the southern Plains.
Dry weather in Russia is adding to worries over Northern Hemisphere crops, which will be harvested in the coming months.
Analysts said Russian attacks on the port of Pivdennyi in Ukraine's southern Odesa region on Friday caused further stress to the market.
The missile strikes destroyed grain storage facilities and foodstuffs they contained, Ukrainian President Volodymyr Zelenskiy and other officials said.
Commodity funds were net buyers of CBOT wheat futures contracts on Monday, traders said.
(By Commoditiescontrol Bureau: 09820130172)
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