Mumbai, 25 May (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures closed nearly unchanged on Friday but marked a 7% increase for the week due to escalating concerns over crop losses in key exporting countries, including Russia.
This week, CBOT wheat reached a 10-month high as analysts downgraded production forecasts for Russia, the world's largest wheat exporter, following adverse weather conditions such as dryness and frosts. Analysts predict that high wheat prices will prompt livestock producers worldwide to switch to corn for feed.
Despite the price surge, global wheat demand is expected to be subdued, which may limit further price rallies. CBOT July wheat futures edged down by 3/4 cent, closing at $6.97-1/4 per bushel.
In Europe, the condition of France's soft wheat deteriorated slightly last week, maintaining a four-year low, according to farm office FranceAgriMer. Additionally, Germany's wheat crop is projected to decrease by 5.6% this year, totaling 20.31 million metric tons, as reported by the country's association of farm cooperatives.
(By Commoditiescontrol Bureau: 09820130172)
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