Mumbai, 26 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures edged up to a three-week high on Monday amid concerns over the French crop and tensions in the Black Sea, although ample supply kept prices near multi-year lows.
The most-active wheat contract on the CBOT was up 0.4% at $5.56-3/4 a bushel after touching $5.60 in early trade, its highest since March 5.
Farm office FranceAgriMer said on Friday that 66% of French soft wheat was rated as in good or excellent condition by March 18, down from 94% a year ago.
Russia, meanwhile, launched an attack against energy infrastructure in Ukraine, a significant grain exporter.
Wheat futures, along with soybeans and corn, are exposed to short-covering rallies after speculators built up their biggest net short position in years, and funds were net buyers of CBOT wheat on Friday, traders said.
The European Commission, meanwhile, proposed tariffs on grain from Russia and Belarus, in part to placate farmers who have protested cheap imports.
However, cheap grain supply from Russia, which has seen two consecutive large harvests and expects a third this year, has kept pressure on prices.
The U.S. Department of Agriculture (USDA) is due to publish a planting intentions report on Thursday. Analysts estimate that U.S. farmers will plant more soybeans and less corn and wheat this season than in the previous one.
(By Commoditiescontrol Bureau: 09820130172)
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