Mumbai, 13 Feb (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures were mostly lower on Monday, with just the nearby March SRW contract ticking up on bargain buying and short covering, traders said.
A softening dollar, which tends to make U.S. grains more attractive globally, was supportive early in the session, traders said.
But adequate global wheat stocks and strong export competition continued to pressure the market.
CBOT March soft red winter wheat settled up 3/4-cent at $5.97-1/2 per bushel.
March hard red winter wheat last traded down 1-1/2 cents at $6.01 a bushel and MGEX March spring wheat last traded down 1-3/4 cents at $6.82-1/2 a bushel.
USDA reported that weekly export inspections showed U.S. wheat exports for the week ended Feb. 8 at 407,476 metric tons, on the higher end of trade expectations.
Russia's Agriculture Ministry proposes to increase the grain export quota in 2024 to 28 million metric tons, from the current quota of 24 million Russian news agency Interfax reported, citing a draft government decree.
Russian wheat export prices fell again last week, but have not yet reached levels, considered to be competitive with other grades from Europe, analysts said Monday.
Egypt’s strategic reserves of wheat are sufficient for 4.4 months, the supply ministry said in a statement on Monday.
(By Commoditiescontrol Bureau: 09820130172)
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