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CBOT wheat futures succumb to profit–taking, export data in focus

5 Oct 2023 8:12 am
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Mumbai, 5 Oct (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures on Wednesday settled lower on profit-taking following the prior session's rally, but remained above the lows of last week's steep selloff.

CBOT December soft red winter wheat dropped nearly 1.5%, losing 8-1/2 cents to settle at $5.60 a bushel.

Ahead of Thursday's weekly export sales report from the U.S. Department of Agriculture, traders expected the government to report export sales of U.S. wheat in the week ended Sept. 28 at 250,000 to 600,000 metric tons.

Dealers said spot basis bids for hard red winter wheat held steady in the southern U.S. Plains and farmer grain sales were minimal as futures stayed well below $7 a bushel and growers focused on planting the 2024 crop.

Euronext wheat eased as a sea corridor being developed by Ukraine put the focus on export competition from Black Sea supply.

European traders said an importer group in Thailand is believed to have bought about 60,000 metric tons of animal feed wheat thought likely to be sourced from the Black Sea region.

KC hard red winter wheat fell 16-3/4 cents to settle at $6.66-1/2 per bushel, near a level hit Friday that was the lowest since July 2021.

Minneapolis soft winter wheat fell 13-3/4 cents to settle down at $7.11-3/4 a bushel.

(By Commoditiescontrol Bureau: 09820130172)

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