CHICAGO: Chicago Board of Trade wheat futures rallied about 2 percent on Thursday on short-covering following a three-day slump and after the US government reduced its harvest forecasts for key export rivals around the world.
CBOT September soft red winter wheat ended the day up 12-3/4 cents at $4.84-1/2 per bushel after sinking more than 8 percent over the previous three sessions.
K.C. September hard red winter wheat ended 7-1/4 cents higher at $4.81-1/4 a bushel.
MGEX September spring wheat rose 5 cents and closed at $5.30-1/2 a bushel.
In a monthly report on Thursday, the US Department of Agriculture cut production and export forecasts for Russia, Ukraine and the EU, and lifted US production and exports.
USDA separately showed weekly US wheat export sales for the current marketing season of 136,400 tonnes, below estimates for 200,000 to 500,000 tonnes.
Consultancy Strategie Grains made a heavy reduction to its forecast for this year’s soft wheat harvest in the European Union, factoring in weather-hit yields in the bloc’s top two producers France and Germany.
CBOT reported zero deliveries against the CBOT July contract and 43 K.C. July wheat deliveries. The MGEX reported no July spring wheat deliveries.
Source: Brecorder
