CBOT wheat futures surge amid more Russian frost forecasts

Chicago Board of Trade (CBOT) wheat turned higher on Friday, as frosts continued to impact wheat-producing regions in Russia, market analysts said.

• Russian authorities said farmers in some areas hit by frosts this month will need to re-sow crops.

• In the 2024-2025 marketing year, the U.S. will see larger supplies, slightly higher domestic use, increased exports and higher stocks, the U.S. Department of Agriculture on Friday reported in its monthly agricultural supply and demand estimates.

• Most-active CBOT July wheat (WN24) settled up 26 cents at $6.63-1/2 per bushel. For the week, the contract rose 41 cents, or 6.59%, to mark its third straight weekly advance.

• K.C. July hard red winter wheat (KWN24) settled up 21-1/2 cents at $6.73-1/4 per bushel.

• MGEX July spring wheat (MWEN24) settled up 16-1/4 cents at $7.20 a bushel.

• Russia's Sovecon agricultural consultancy expects the country's 2024 wheat crop to be 89.6 million metric tons, down from the 93 million tons it had forecast in April and the 92.8 million tons harvested last year, it said on Friday.

• Rains in the southwestern U.S. Plains and southern Russia are expected to relieve some dryness in those areas, an analyst note said.

• USDA on Friday also projected Ukraine wheat exports at 14.0 mln tons for 2024/25 down from 17.5 mln in 2023/24.