Mumbai, 27 Jun (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures gained slightly on Thursday, following a nearly flat close in the previous session. The market experienced a pullback after prices dipped to a 15-week low earlier this week.
The most-active wheat contract on the CBOT rose by 0.1% to $5.61-1/4 a bushel as traders positioned themselves ahead of significant data releases by the U.S. Department of Agriculture (USDA). The USDA is scheduled to release its next quarterly stocks report for June and the 2024 acreage report on Friday at 1600 GMT.
The wheat market showed signs of recovery after falling earlier in the week, supported by a rapidly advancing U.S. harvest that reported good yields and stabilized weather conditions in Russia and the Black Sea region.
Commodity funds were net buyers of CBOT wheat futures contracts on Wednesday, indicating renewed interest and confidence in the market.
Adding to the market dynamics, Ukraine's grain exports for the 2023/24 July-June marketing season rose to 50.3 million metric tons as of June 26, compared to 48.4 million metric tons a year earlier, according to data from the agriculture ministry on Wednesday.
As the market awaits the USDA reports, the slight uptick in CBOT wheat futures reflects cautious optimism among traders regarding future supply and demand scenarios.
(By Commoditiescontrol Bureau: 09820130172)
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