Mumbai, 03 Dec (Commoditiescontrol): U.S. wheat futures ended mostly lower on Monday due to increased competition in the global export market and the strengthening U.S. dollar, which dampened the competitiveness of American grain, according to market analysts.
On the Chicago Board of Trade (CBOT), March soft red winter wheat futures fell by 0.75 cents to close at $5.47-1/4 per bushel. The contract touched a low of $5.42-3/4, marking its weakest level since August 27. Contracts from May to December 2025 also posted fresh contract lows.
Meanwhile, Kansas City March hard red winter wheat briefly hit a contract low of $5.35 before closing slightly higher at $5.41 per bushel, up by 0.25 cents. Similarly, Minneapolis March spring wheat futures declined by 4 cents to settle at $5.87-3/4 per bushel. The overall bearish sentiment was compounded by the firmer dollar, which raised the cost of U.S. wheat for international buyers.
Export inspections for U.S. wheat totaled 296,106 metric tons in the week ending November 28, aligning with trade expectations, as reported by the U.S. Department of Agriculture. However, stiff competition in the global market continues to pressure prices.
Weather conditions in the central U.S. have cooled significantly, though potential damage to winter wheat crops appears limited to the far northern Plains, according to the Commodity Weather Group. On the international front, Australia raised its 2024/25 wheat harvest estimate to 31.9 million metric tons, a slight increase from previous forecasts. In contrast, concerns about crop yields in India are growing as the state-run weather office predicts above-average winter temperatures, potentially affecting wheat production.
With bearish fundamentals and a strong dollar weighing on prices, the U.S. wheat market faces continued headwinds as traders assess global supply dynamics and competitive pressures.
(By Commoditiescontrol Bureau: 09820130172)
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