CBoT wheat falls on supply pressure
Chicago wheat fell 0.6% to $5.44-1/4 a bushel, driven by low prices in export markets from Argentina, Russia, and Black Sea producers, despite new Russian export quotas. Soybeans also weakened due to strong US export expectations countered by record-large Brazilian crop forecasts. Rain forecasts for Brazil and Argentina also weighed on soybeans and corn prices.
SINGAPORE/ HAMBURG: Chicago wheat fell on Monday, pressured by low prices in export markets offered for wheat from Argentina, Russia and other Black Sea producers, with dealers shrugging off new Russian export quotas.
Soybeans were slightly weaker, with expectations of strong US export sales weighing against forecasts of record-large Brazilian crops. Welcome rain forecast this week for crops in Brazil and Argentina were a weakening factor for both soybeans and corn.
“There is no shortage of wheat as of now, so the market is under pressure,” said one Singapore-based grains trader. Chicago Board of Trade most-active wheat fell 0.6% to $5.44-1/4 a bushel at 1103 GMT.
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Source : Business Recorder
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