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CBOT Wheat Prices Dip on Argentine Policy Changes, Subdued U.S. Exports

25 Jan 2025 10:17 am
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Mumbai, 25 Jan (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures fell on Friday, influenced by Argentina's decision to reduce export taxes and weaker-than-expected U.S. export sales. These developments weighed heavily on market sentiment, prompting declines across key wheat contracts.

Argentina, a leading global grain exporter, announced after Thursday's trading session that it would implement a temporary reduction in export taxes starting Monday, lasting until June. This move is expected to encourage Argentine farmers to release more grain into the global market, adding downward pressure on wheat prices.

In the U.S., weekly wheat export sales for the marketing year 2024-25 were reported at 164,800 metric tons, a 52% drop compared to the prior four-week average, according to the U.S. Department of Agriculture. Analysts had anticipated export sales in the range of 200,000 to 600,000 metric tons, but the figures fell short of expectations, further dampening prices.

Traders are also closely monitoring potential policy changes by U.S. President Donald Trump, including the possibility of tariffs on agricultural trade partners like China and Canada. Such measures could significantly alter global trade dynamics for grains and other agricultural commodities.

The dollar's recent decline provided some support to U.S. grain futures, as a weaker currency makes American exports more competitive in the international market. However, this was insufficient to offset the bearish impact of Argentina’s tax cuts and sluggish export sales.

At the close, CBOT March soft red winter wheat futures dropped 10 cents to settle at $5.44 per bushel. Kansas City March hard red winter wheat futures fell 11-1/4 cents to $5.59-1/2 per bushel, while Minneapolis March spring wheat futures declined 9-1/4 cents to end at $5.95-1/4 per bushel.

The combination of increased supply from Argentina and lackluster U.S. export performance continues to weigh on wheat markets, with traders eyeing future developments that could reshape price trends.

(By Commoditiescontrol Bureau: 09820130172)


       
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