Mumbai, 21 Jun (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures fell on Friday, heading for a fourth consecutive weekly loss as the northern hemisphere harvests increased supply and production forecasts improved.
The most-active CBOT wheat contract dropped 0.2% to $5.84-3/4 a bushel. Wheat prices have declined from a 10-month high of $7.20 reached last month due to better weather in Russia and other major producers, coupled with the start of harvesting.
The U.S. winter wheat harvest has commenced swiftly, and a forthcoming hot spell is expected to further expedite fieldwork this week.
Consultants at IKAR raised their forecast for Russia's wheat crop to 82 million metric tons from 81.5 million tons. Additionally, an increased official forecast for Ukraine's grain crop and an analyst estimate predicting a record wheat crop in Romania have heightened expectations for substantial Black Sea supplies.
In Argentina, the Buenos Aires Grains Exchange increased its forecast for wheat planting, adding to the positive outlook for global wheat production.
Meanwhile, commodity funds were net sellers of CBOT wheat futures on Thursday, according to traders.
These developments have collectively pressured wheat prices as markets anticipate robust supplies from key producing regions.
(By Commoditiescontrol Bureau: 09820130172)
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