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CBOT wheat futures rebound on bargain buying

29 Nov 2023 8:29 am
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Mumbai, 29 Nov (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures climbed more than 2% on Tuesday in a technical bounce, rebounding from contract lows during the previous trading session.

CBOT March wheat finished up 11 cents at $5.72 per bushel after earlier coming within a penny of the prior day's contract low.

K.C. March hard red winter wheat ended up 21-1/4 cents at $6.17-3/4 per bushel. March HRW futures posted a fresh contract low of $5.95 during the session, which was the lowest for a most-active contract since July 2021. MGEX March spring wheat ended up 13-1/2 cents at $7.13-1/4 a bushel.

Soft wheat exports from the European Union since the start of the 2023/24 season in July had reached 11.99 million metric tons by Nov. 26, down 18% from 14.68 million a year earlier, data published by the European Commission showed.

Russian wheat production could reach 90 million tons in 2024 in a third straight bumper harvest following a favorable autumn sowing campaign, Agritel said.

Ukrainian farmers have almost completed their winter crop sowing, seeding about 5.96 million hectares as of Nov. 28, the country's agriculture ministry said. The area included 4.16 million hectares of winter wheat, it said.

The Taiwan Flour Millers' Association has issued an international tender to purchase up to 109,325 metric tons of grade 1 milling wheat to be sourced from the United States, European traders said.

A group of South Korean flour mills bought an estimated 95,000 metric tons of milling wheat to be sourced from the United States and Canada in an international tender on Tuesday, European traders said.

Jordan's state grain buyer is believed to have made no purchase in an international tender to buy 120,000 metric tons of milling wheat which closed on Tuesday, traders said.

(By Commoditiescontrol Bureau: 09820130172)

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