CBOT wheat rises on supply concerns after Black Sea attacks, weather worries

Mumbai, 3 May (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures gained on Thursday, settling the day higher for the first time this week, amid ongoing market concerns over weather risks in Russia and the U.S. Plains, dealers said.

But market participants said the reaction to weather and war risks in the Black Sea region was being tempered by favorable early development of Russian crops and large exports.

CBOT July wheat settled up 5 cents at $604-1/4 per bushel. K.C. July hard red winter wheat settled up 11-1/2 cents at $6.36 per bushel, while MGEX July spring wheat ended up 7 cents at $7.09-1/4 a bushel.

A weaker dollar made U.S. exports more competitive, analysts said.

The U.S. Department of Agriculture (USDA) reported net export sales cancellations of U.S. old-crop wheat in the week ended April 25 totaling 20,300 metric tons, and net sales of new-crop wheat totaling 406,900 tons, in line with trade expectations.

(By Commoditiescontrol Bureau: 09820130172)