Mumbai, 8 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat edged up on Friday, with short-covering supporting prices after recent declines, although the market is on track for a second week of losses on lack of demand and plentiful global supplies.
The most-active wheat contract on the CBOT added 0.1% to $5.29-1/4 a bushel. For the week, wheat has lost close to 5%, corn is up nearly 3% and soybeans have risen 1.5%.
China cancelled purchases of 130,000 metric tons of U.S. soft red winter wheat, the USDA said on Thursday, after prices dropped since Chinese importers went on a buying spree last year.
Egypt's state grains buyer, the General Authority for Supply Commodities cancelled an international tender for wheat that had a deadline for offers of March 7.
Global wheat buyers are booking cargoes for immediate needs, buying just one or two months in advance on expectations of bumper northern hemisphere harvest in the second half of the year.
Commodity funds were net buyers of CBOT wheat futures contracts on Thursday, traders said.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
