Mumbai, 23 Feb (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures closed steady to higher on Thursday after a choppy session, supported by expectations of new U.S. sanctions against top global wheat exporter Russia as well as inter-market spreading, traders said.
CBOT March soft red winter wheat futures settled unchanged at $5.83-1/4 per bushel while most-active May wheat ended up 1-1/4 cents at $5.79-1/4.
K.C. May hard red winter wheat closed down 3 cents at $5.71-1/2 a bushel and MGEX May spring wheat fell 6 cents to settle at $6.55-1/2.
A senior U.S. diplomat said the United States will impose "hundreds and hundreds and hundreds" of sanctions against Russia in a new package marking the second anniversary of its full-scale invasion of Ukraine.
Warmer-than-normal temperatures across the central United States seem likely to cause winter wheat to break out of dormancy in some areas, potentially leaving crops vulnerable to cold snaps, analysts said.
Ahead of Friday's weekly export sales report from the U.S. Department of Agriculture, traders expect the government to report U.S. old-crop wheat sales in the week to Feb. 15 at 300,000 to 550,000 metric tons.
Farmers across Europe have been stepping up protests this year, including in the Czech Republic, Slovakia, Poland, France, Germany, Spain and Italy, complaining of low prices and high costs, cheap imports and constraints from the EU's Green Deal climate change initiative.
(By Commoditiescontrol Bureau: 09820130172)
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