Mumbai, 9 Apr (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures softened for a second session on Tuesday, falling more than 1%, as concerns over world supplies eased after a U.S. government report showed the winter crop remained healthy despite dry weather conditions.
The most-active wheat contract on the CBOT was down 1.1% at $5.60 a bushel.
The amount of U.S. winter wheat rated "good or excellent" by the U.S. Department of Agriculture (USDA) held steady from last week despite concerns over drier weather and wind, data showed on Monday.
The agency, in a report issued after trading ended on Monday, said 56% of winter wheat was in "good-to-excellent" condition, compared with 27% a year ago and the best for this time of year since 2020.
Wheat output in India, however, is likely to be lower than the official forecast. India is expected to produce 105 million metric tons of wheat this year, a flour millers' body said on Monday, 6.25% below the government estimate.
For corn, the USDA showed the U.S. crop as 3% planted, compared with analysts' average of 4%.
The USDA is slated to update global supply-and-demand data in a monthly report on Thursday.
Australian farmers are likely to plant more wheat and barley this year due to Chinese demand and wet weather on the country's east coast, while canola sowing should fall amid lower profit margins and dry conditions in the west, analysts said.
Commodity funds were net sellers of CBOT wheat futures contracts on Monday, traders said.
(By Commoditiescontrol Bureau: 09820130172)
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