Mumbai, 12 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures fell on Tuesday, with the market facing pressure from slowing demand for U.S. cargoes amid stiff competition from suppliers in the Black Sea region.
The most-active wheat contract on the CBOT was down 0.3% to $5.45-3/4 a bushel. Falling Russian wheat export prices and high supply in the global market are reducing demand for U.S. wheat.
Private exporters cancelled sales of 264,000 metric tons of U.S. soft red winter wheat that had been booked for delivery to China, the U.S. Department of Agriculture (USDA) confirmed on Monday.
It was the third cancellation in as many business days and the largest of the three, following two cancellations last week totalling 240,000 tons of soft red wheat sold to China.
About 4% of winter cereals in Russia are in "poor and sparse" condition, the Russian Grain Union said on Monday, compared with a typical rate of 6% at this stage of the season.
Commodity funds were net buyers of CBOT wheat futures contracts on Monday, traders said.
(By Commoditiescontrol Bureau: 09820130172)
0 Comments 
Post Comment 
