Mumbai, 27 Apr (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures extended gain for a seventh straight session on Friday, with the most-active contract setting the biggest weekly advance since the start of the Russia-Ukraine war.
Investors kept a close eye on dry conditions in wheat producing regions of Russia and the U.S., market analysts said.
Rain forecast for parts of Russia and Kansas as well as continued exports of cheap Russian wheat could cool the rally and keep a lid on prices going into next week, traders said.
CBOT July wheat settled up 1-3/4 cents at $6.22-1/4 per bushel, closing higher for a seventh straight session.
For the week, the most-active contract on a continual chart rose 55-1/2 cents per bushel, or 9.79% – the largest weekly move since February 2022.
K.C. July hard red winter wheat ended the session up 13-1/4 cents at $6.53-3/4 a bushel, while MGEX July spring wheat settled up 5-1/4 cents to finish at $7.03-1/2 a bushel.
The European Commission on Thursday cut its forecast for the European Union's main wheat crop in 2024/25 to a new four-year low as it projected a bigger fall in area than previously expected.
Commodity funds still held a net short position in CBOT wheat futures, leaving the market vulnerable to bursts of short-covering.
(By Commoditiescontrol Bureau: 09820130172)
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