IKAR in Mass and Industry Media

U.S. wheat futures fall on worries about export demand

Reuters

CHICAGO, April 12 (Reuters) - Chicago Board of Trade soft red winter wheat futures fell on Monday on concerns about weakening export demand for U.S. supplies due to a big crop in Russia, traders.

* K.C. hard red winter wheat and MGEX spring wheat futures also posted lower closes, with the front month spring wheat contract snapping a streak of five straight positive sessions.

* IKAR has raised its forecast for Russia's 2021 wheat crop to 81 million tonnes from 79.8 million tonnes, the Russian agriculture consultancy said.

* The U.S. Agriculture Department said that weekly export inspections of wheat fell to 458,432 tonnes from 635,487 tonnes a week ago. Analysts' forecasts for the weekly total ranged from 300,000 to 550,000 tonnes.

* Analysts were expecting a U.S. Agriculture Department report on Monday afternoon to show that good-to-excellent ratings for the U.S. winter wheat crop held steady at 53%.

* The benchmark CBOT May soft red winter wheat contract dropped below technical support at its 30-day and 100-day moving averages. Prices closed above their lows as bargain buyers stepped in when the contract dipped below its 20-day moving average.

* CBOT May soft red winter wheat settled down 10-3/4 cents at $6.28 a bushel, K.C. hard red winter wheat for May delivery dropped 7-1/2 cents to $5.79 a bushel and MGEX May spring wheat futures were 12-1/2 cents lower at $6.41-1/2 a bushel.

13.04.21

All viewing: 20
Discuss