Mumbai, 14 Feb (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures drifted for much of the session Tuesday, before ending the day flat to lower amid ongoing pressure by declining Russian grain prices, traders said.
Six of the K.C. HRW wheat contracts set new contract lows on the day, as did five of the Minneapolis spring wheat contracts.
A lull in international demand, partly reflecting Lunar New Year holidays in Asia, was keeping the market subdued.
Wheat futures also faced pressure from strength in the U.S. dollar, which hit three-month peaks on Tuesday after data showed U.S. inflation slowed less than expected in January.
A stronger U.S. dollar tends to make U.S. grains less attractive on the world export market amid strong global competition.
CBOT March soft red winter wheat settled the day unchanged at $5.97-1/2 per bushel.
March hard red winter wheat last traded down 2-3/4 cents at $5.96 a bushel.
MGEX March spring wheat last traded down 9-1/2 cents at $6.73 a bushel. Earlier in the session, it dipped to a new contract low of $6.70-1/4 a bushel.
Ukraine is on track to export all grain from its 2023 harvest despite Russian attacks on Ukrainian ports and infrastructure, according to Britain's foreign office.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
