Mumbai, 9 Aug (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures rose slightly on Friday, buoyed by bargain buying following a recent slump in prices. The most-active wheat contract on the CBOT increased by 0.42%, reaching $5.39-3/4 per bushel. This marks the second consecutive week of gains for the commodity.
In international trade news, Algeria’s state grains agency, OAIC, secured between 600,000 to 700,000 metric tons of milling wheat in a tender that closed on Thursday, according to European traders. This significant purchase reflects ongoing global demand despite fluctuations in market prices.
Weather concerns also loom large as a U.S. government forecaster predicted a 66% chance of the La Niña weather pattern developing between September and November. La Niña, characterized by cooler Pacific Ocean temperatures, can impact global agricultural production, potentially affecting wheat supply and prices.
Meanwhile, in Europe, Strategie Grains has sharply cut its monthly forecast for European Union soft wheat output and exports, lowering it to the smallest level in six years. The revision is primarily due to poorer-than-expected yields in France and Germany, where excessive rainfall has damaged crops.
(By Commoditiescontrol Bureau: 09820130172)
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