Mumbai, 8 May (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures edged up on Wednesday amid reports of demand from international buyers.
The most-active wheat contract on the CBOT was up 0.16% to $6.43-3/4 a bushel.
Several reports are available in the public domain suggesting US planting progress and output prospect. One such report published by a group of crop experts on Tuesday, which projected that the Oklahoma's 2024 winter wheat harvest reached 89.161 million bushels, with an average yield of 33.68 bushels per acre. The yield is up from the state's 2023 harvest of 68.6 million bushels, according to the U.S. Department of Agriculture.
Heavy flooding in southern Brazil has hit food storage facilities in lower areas while hampering the shipping of grains to port, jeopardizing the nation's exports and wreaking havoc to the economy of Rio Grande do Sul state, a large soy, rice, wheat and meat producer.
Grain export quota for one of Russia's largest grain trader Rodnie Polya, formerly known as TD RIF, has been reduced by 1.2 million tons to 2.78 million tons for the current marketing year amid a row with authorities over phytosanitary issues, a ministry order published on Tuesday showed.
Canadian stocks of wheat, corn and oats were down at the end of March 2024 compared to the same date in 2023, according to a farm survey by Statistics Canada released on Tuesday.
As regards interntational buyers are concerned, state agency of Egypt, Jordon and Japan have issued tenders to buy wheat.
Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), is seeking wheat in an international tender for shipment between June 7-17 and/or June 18-28.
Jordan's state grain buyer is believed to have made no purchase in an international tender to buy 120,000 metric tons of milling wheat on Tuesday and a new tender is expected to be issued in coming days closing on May 14, European traders said.
Japan's Ministry of Agriculture, Forestry and Fisheries (MAFF) sought to buy a total of 114,077 metric tons of food-quality wheat from the United States, Canada and Australia in a regular tender that will close late on Thursday.
(By Commoditiescontrol Bureau: 09820130172)
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