IKAR in Mass and Industry Media

CBOT wheat futures hit two-week high

Business Recorder

Wheat futures on the Chicago Board of Trade hit a two-week high on Monday, rising for a fourth straight session on improving US export prospects, along with bargain-buying after spot September hit a contract low last week, traders said. Quality problems plaguing the EU wheat harvest have raised expectations that some exporters might seek US supplies instead.

Russian wheat export prices rose last week on strong demand from traders. Grain exports were on course to reach a July record of 3.0 million tonnes, up from the previous record of 2.5 million tonnes in July 2013, said Russian agriculture consultancy IKAR. IKAR raised its forecast of Russia's 2014 wheat harvest to 58.5 million tonnes, the largest crop in six years, from its previous estimate of 57.5 million tonnes. Gains limited in K.C. hard red winter wheat by improving yields as the HRW harvest moves northward. Yields in western Nebraska were running from 50 to 75 bushels per acre, a weekly report from Plains Grains Inc said on Friday.

USDA reported export inspections of US wheat in the latest week at 351,503 tonnes, at the low end of trade expectations. Ahead of USDA's weekly crop progress report due later on Monday, analysts expected that USDA would rate 70 percent of the US spring wheat crop in good to excellent condition, unchanged from a week ago.

31.08.14

All viewing: 98
Discuss