CBOT wheat futures gain for 3rd day in a row

Mumbai, 21 Mar (Commoditiescontrol): Chicago Board of Trade (CBOT) ended higher on Wednesday, extending their gains for third consecutive session in a row helped by Black Sea supply concern.

The most-active wheat contract on the CBOT gained 0.9% at $5.49-3/4 a bushel.

Traders are also covering short positions, analysts said, ahead of the U.S. March 28 Prospective Plantings and quarterly stocks reports, which have a history of jolting markets.

Commodity funds were net sellers of CBOT wheat futures, traders said. Funds hold sizable net short positions in wheat futures, priming markets for bouts of short-covering.

Grain trade association Coceral on Wednesday cut its forecast for this year's soft wheat output in the European Union and Britain by 5.4 million metric tons due to damage caused by heavy rainfall in the region.

(By Commoditiescontrol Bureau: 09820130172)