CBOT wheat extends gains on export demand, Russia weather concern
CHICAGO, Oct 9 (Reuters) -Chicago Board of Trade wheat futures extended gains into a third session on Wednesday, supported by concern over poor weather in top exporter Russia and a run of demand from importers, market analysts said. GRA/TEND
CBOT December soft red winter wheat WZ24 settled up 4-1/4 cents at $5.99 a bushel, after earlier touching a high of $6.04-3/4, the highest price since Oct. 2.
K.C. December hard red winter wheat KWZ24 settled up 5 cents at $6.08-3/4 a bushel, while Minneapolis December spring wheat MWEZ24 settled up 3-1/4 cents at $6.48-1/4 a bushel.
Wheat gains strength on concerns about dry weather in Russia and a run of demand from exporters, traders said.
Traders are awaiting an updated estimate of Russia's 2024 grain harvest on Thursday from the country's agriculture ministry to gauge the impact of adverse weather, while also monitoring rain prospects in drought-hit zones where farmers are trying to plant winter wheat for next year.
Top wheat exporter Russia has sown 13 million hectares (32.1 million acres) with winter grain so far this year and is aiming to sow 20 million hectares (49.4 million acres) in total, the same area as last year, though some traders doubted whether the target would be met.
Algeria's state grains agency OAIC is believed to have purchased around 510,000 to 570,000 metric tons of milling wheat in an international tender which closed on Tuesday, European traders said on Wednesday.
Jordan's state grain buyer has issued an international tender to buy up to 120,000 metric tons of milling wheat which can be sourced from optional origins, European traders said on Wednesday.
Reporting by P.J. Huffstutter; editing by Jonathan Oatis
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
