login_img.jpg
Login ID:
Password:
Partner Login
Contact Us : 7066511911

CBOT Wheat Futures Edge Up Amid Poor U.S. Crop Start and Election Uncertainty

5 Nov 2024 8:37 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 05 Nov (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures inched up on Tuesday, supported by concerns over the U.S. winter wheat crop's poor start and caution ahead of the U.S. presidential election.

The most-active wheat contract rose 0.1%, reaching $5.69-1/4 per bushel. After hitting four-year lows in recent months, wheat futures have been recovering due to emerging supply risks.

The latest U.S. Department of Agriculture (USDA) report showed only 41% of the recently planted winter wheat crop was rated in good-to-excellent condition, marking the crop's second-lowest quality start since 1986. Dry planting conditions across the U.S. and challenging weather in major wheat-producing areas like Australia, Argentina, and the Black Sea region have pressured yields.

Recent rains in some U.S. wheat-growing zones have slightly eased concerns, while significant rainfall in Argentina’s southern agricultural areas has supported crop health, according to the Rosario Grains Exchange (BCR).

Global competition remains high, with Egypt’s state grain buyer GASC reportedly purchasing 290,000 metric tons of wheat in an international tender, emphasizing the ample Black Sea supplies that are also weighing on Euronext wheat prices.

Additionally, traders remain cautious about possible policy changes after the U.S. election, as proposed tariffs by Donald Trump could impact agricultural trade if implemented. Attention is now on the USDA's monthly report due Friday, which is expected to provide key insights into crop supply, demand, and stockpiles.

(By Commoditiescontrol Bureau: 09820130172)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Post Comment  

Latest Market Commentary
Mentha Oil Spot Prices Remain Stable Amid Modest Demand...
Guar Gum and Guar Seed Spot Prices Remain Steady Amid L...
Mentha Oil Prices Hold Steady Amid Limited Arrivals and...
Guar Gum and Guar Seed Prices Stable Amid Steady Demand...
Guar Gum and Guar Seed Prices Remain Stable Amid Limite...
more
Top 5 News
Market Wise Chana Arrivals: Supply Down By -12.51% Aga...
Market Wise Tur Arrivals: Supply Down By -46.91% Again...
Market Wise Matar Arrivals: Supply Up By 42.16% Agains...
International Wheat Prices - 11 Dec 2024
Market Wise Masur Arrivals: Supply Up By 7.58% Against...
Top 5 Special Reports
USDA WASDE Soybean Outlook: Increased Production and Ex...
USDA WASDE Report: Cotton Ending Stocks Increase Amid H...
Malaysian Palm Oil Stocks Decline as Production and Exp...
Weekly: Sugar Prices Surge Amid Weather Woes and Global...
Weekly: Cotton Futures Decline Amid Weak Exports and Ex...
Copyright © CC Commodity Info Services LLP. All rights reserved.