Mumbai, 27 Jul (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures declined on Friday, driven by projections of record-high yields for North Dakota spring wheat and competitive pressure from Black Sea crops. Analysts noted that these factors contributed to the bearish sentiment in the market.
CBOT September soft red winter wheat fell 14-1/4 cents to $5.23-1/2 per bushel, marking a 3.5% drop for the week and its third consecutive weekly loss. September K.C. hard red winter wheat dropped 16 cents to $5.45-1/2 per bushel, while MGEX September spring wheat decreased by 15-1/4 cents to $5.88-1/2 a bushel.
The annual North Dakota crop tour revealed that the state’s hard red spring wheat yields are projected to average 54.5 bushels per acre, the highest since records began in 1992. This significant yield projection added to the downward pressure on prices.
In addition, Russian agricultural consultancy Sovecon raised its forecast for Russia's 2024 wheat crop to 84.7 million metric tons, up from a previous estimate of 84.2 million tons. This increase further intensified global competition in the wheat market.
FranceAgriMer reported that as of July 22, an estimated 50% of French soft wheat was in good or excellent condition, down from 52% a week earlier and significantly lower than the 78% recorded a year ago.
The Taiwan Flour Millers' Association issued an international tender to purchase approximately 105,650 metric tons of grade 1 milling wheat from the United States, according to European traders.
The Wheat Quality Council confirmed the robust crop projections for North Dakota, with their tour estimating an average yield of 54.5 bushels per acre, significantly higher than the five-year average of 42 bushels per acre. The U.S. Department of Agriculture's Crop Progress report indicated that the winter wheat harvest was 76% complete by July 21, ahead of the average pace, while the spring wheat crop was 89% headed, slightly behind the average pace.
Export Sales data showed a decline in 2024/25 sales, with only 309,319 metric tons sold in the week ending July 18. The Commodity Futures Trading Commission (CFTC) reported that spec traders reduced their net short positions in CBOT wheat by 702 contracts, bringing the total to 75,184 contracts as of July 23.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
