Mumbai, 15 Feb (Commoditiescontrol): U.S. wheat futures finished weaker on Wednesday and set contract lows as strength in the U.S. dollar stoked concerns about U.S. exports, analysts said.
Traders are preparing for the U.S. Department of Agriculture's annual Agricultural Outlook Forum on Thursday amid expectations for increasing inventories.
Analysts project 2024-25 U.S. ending stocks at 717 million bushels, up from 658 million in 2023-24, according to a Reuters survey.
The USDA is also slated to issue weekly U.S. grain export sales data on Thursday. Analysts expect 2023-24 wheat sales of 300,000 to 550,000 metric tons for the week ended Feb. 8.
A three-month high in the dollar on Wednesday set a negative tone for grain markets by making U.S. farm products look more expensive on the world export market, brokers said.
After trading ended, Egypt's GASC said it is seeking wheat in a tender.
CBOT March soft red winter wheat settled down 12 cents at $5.85-1/2 per bushel. Deferred months set contract lows, starting with July futures.
K.C. March hard red winter wheat lost 6-3/4 cents to end at $5.87-3/4 a bushel and set a contract low of $5.79-1/4.
MGEX March spring wheat last traded down 9-1/4 cents at $6.62-1/2 a bushel, after hitting a contract low of $6.60-1/4.
Euronext wheat also eased to contract lows as export competition from the Black Sea region hung over a European market burdened with high stocks.
(By Commoditiescontrol Bureau: 09820130172)
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