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CBOT Wheat Futures Surge Amid Russian Production Concerns

23 May 2024 8:18 am
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Mumbai, 23 May (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures continued their upward trend on Thursday, trading near the peak levels reached in nearly ten months the day before. This surge is driven by forecasts of reduced production from Russia, a leading wheat exporter.

The CBOT's most-active wheat contract increased by 0.5%, reaching $6.96-1/4 per bushel. On Wednesday, it had climbed to $7.16-3/4 per bushel, the highest price since late July. This rise follows reports from Russia's IKAR agricultural consultancy, which revised its wheat harvest estimates down to 83.5 million metric tons from 86 million tons. The export forecast was similarly lowered, from 47 million tons to 45 million tons, due to an unseasonably hot spring and severe frosts affecting key agricultural regions.

Market participants are closely monitoring weather developments in Russia, with some rainfall expected in the next 11 to 15 days that could alleviate the dry conditions. Meanwhile, Ukrainian crops have also faced weather challenges. Although state forecasters indicated that recent frosts have not caused significant damage, traders remain cautious after APK-Inform consultants highlighted potential yield losses earlier in the week.

This week, Chicago wheat futures achieved their largest premium over corn since 2022, increasing the demand for more affordable alternatives to reduce the substantial global corn stockpiles. Despite these trends, commodity funds were net sellers of CBOT wheat futures on Wednesday, according to trader reports.

(By Commoditiescontrol Bureau: 09820130172)

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