CBOT wheat ticks down on global supply, harvest pressure
Chicago Board of Trade (CBOT) wheat futures declined on Tuesday, influenced by the ongoing Northern Hemisphere winter wheat harvest and abundant supply of cheap Russian wheat. CBOT September soft red winter wheat settled 1-3/4 cents lower at $5.30-3/4 per bushel, rebounding slightly from a contract low of $5.25-1/4 earlier in the session. K.C. September hard red winter wheat ended down 5-1/4 cents at $5.25-1/4 per bushel, while MGEX September spring wheat fell 5 cents to $5.75-3/4 per bushel. The USDA reported that 71% of the U.S. winter wheat crop was harvested, up from 63% the previous week, and noted that 77% of the spring wheat crop was in good to excellent condition. Egypt and Algeria conducted wheat import tenders in response to lower prices, with Egypt purchasing 770,000 metric tons, including supplies from Bulgaria and Russia.
Source Link : https://www.xm.com/research/markets/allNews/reuters/cbot-wheat-ticks-down-on-global-supply-harvest-pressure-53881782
