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Friday, March 24, 2023

CBOT wheat ends above $5 on concerns over Black Sea, EU dryness

CBOT wheat ends above  on concerns over Black Sea, EU drynessCHICAGO: Chicago Board of Trade wheat futures set their highest prices in more than a week on Thursday on concerns about poor crop weather reducing harvests in Europe and the Black Sea region, traders said.

Chicago Board of Trade September soft red winter wheat jumped 9-3/4 cents to $5.04-1/4 per bushel. This most active contract traded up to $5.05-3/4, its highest since July 10.

K.C. September hard red winter wheat rose 8-3/4 cents to $4.96-1/2 a bushel.

European wheat prices also rose on reduced expectations for harvests in Germany, Britain and other countries grappling with dryness.

One German trader said farmers are reluctant sellers because they do not know how much wheat they will be able to deliver

from their drought-reduced harvests.

The US Department of Agriculture said US wheat export sales totaled 300,000 tonnes in the latest reporting week, in line with expectations for 150,000 to 500,000 tonnes.

Copyright Reuters, 2018

Source: Brecorder

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