Mumbai, 7 May (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures retreated lower on Tuesday due to ample supplies from growing regions, particularly from Ukraine.
The most-active wheat contract on the CBOT was down 0.23% to $6.47-1/4 a bushel after hitting a nine-month high earlier in the day.
The U.S. Department of Agriculture's (USDA) weekly crop progress report showed 50% of the U.S. winter wheat crop rated in good-to-excellent condition, up 1 percentage point from last week and the highest for this time of year since 2020.
Analysts estimate higher wheat output in the current marketing year 2024-25 as compared to 2023/24 production. The USDA is scheduled to release its May crop supply/demand report on May 10.
Russian wheat export prices continued to rise last week as volatile weather conditions made crop forecasts difficult. Combined with dry weather in the south of the country, May frosts in central regions, the Volga region and in some southern regions could have a negative impact on the crop, analysts said. Russia's April exports of wheat, barley and maize (corn) are estimated at 5.7 million metric tons, down from 6.1 million tons in March, the Sovecon agricultural consultancy said.
Ukraine's grain exports in the 2023/24 marketing season had reached almost 42 million metric tons as of May 6 compared with 42.6 million sent abroad as of May 8, 2023, agriculture ministry data showed on Monday.
Egypt has procured 1.8 million metric tons of wheat in local harvest so far this season that started on April 13, the supply ministry said on Monday.
(By Commoditiescontrol Bureau: 09820130172)
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