CBOT wheat down on good crop conditions, forecast for more rain
Chicago Board of Trade (CBOT) wheat futures declined for a second straight session on Tuesday after the U.S. Department of Agriculture (USDA) rated the winter crop at its highest early spring level in five years.
-The market was also pressured by crop-boosting rains forecast for the southern U.S. Plains wheat belt and by limited U.S. export demand due to cheaper grain offered by rival suppliers.
-CBOT May soft red winter wheat ended 11-3/4 cents lower at $5.45-1/2 a bushel.
-K.C. May hard red winter wheat fell 12-1/4 cents to end at $5.63-1/4 per bushel, and MGEX May spring wheat MWEK24 ended down 7-1/4 cents at $6.27-1/2.
-The USDA on Monday said 56% of the U.S. winter wheat crop was is good to excellent condition, the highest for this time of the season since 2019.
-India has asked global and domestic trade houses to avoid buying new-season wheat from local farmers to help the government-backed Food Corporation of India procure large quantities to shore up its depleting reserves.
-The market was also pressured by crop-boosting rains forecast for the southern U.S. Plains wheat belt and by limited U.S. export demand due to cheaper grain offered by rival suppliers.
-CBOT May soft red winter wheat ended 11-3/4 cents lower at $5.45-1/2 a bushel.
-K.C. May hard red winter wheat fell 12-1/4 cents to end at $5.63-1/4 per bushel, and MGEX May spring wheat MWEK24 ended down 7-1/4 cents at $6.27-1/2.
-The USDA on Monday said 56% of the U.S. winter wheat crop was is good to excellent condition, the highest for this time of the season since 2019.
-India has asked global and domestic trade houses to avoid buying new-season wheat from local farmers to help the government-backed Food Corporation of India procure large quantities to shore up its depleting reserves.
Comment:
Hit Sl