US wheat futures end mostly down on hopes for rains to aid US crop
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CHICAGO, April 9 (Reuters) -U.S. wheat futures settled mostly lower on Tuesday on expectations that improving rains will boost crops in the southern Plains, analysts said.
- The U.S. Department of Agriculture in a weekly report issued after trading ended on Monday said 56% of the U.S. winter wheat crop was in good-to-excellent condition, the best for this time of year since 2020.
- Argus raised its forecast for wheat production in Russia, the world’s biggest exporter, to 92.1 million metric tons, which would be the second-largest volume on record.
- RIF, one of Russia’s largest grain exporters, halted the handling of agricultural goods at an Azov terminal, its owner said, amid a row with authorities that has slowed grain exports.
- Euronext wheat still retreated from a two-week high as concern over disruption to Black Sea exports waned.
- Traders are turning their attention to a monthly U.S. Department of Agriculture report due on Thursday. Analysts expect the government to raise its estimate for 2023-24 U.S. wheat ending stocks.
- CBOT May soft red winter wheat WK24 ended 8 cents lower at $5.57-3/4 a bushel.
- K.C. May hard red winter wheat KWK24 settled down 8 cents at $5.77-1/4 per bushel. MGEX May spring wheat MWEK24 last traded 1 cent higher at $6.51-1/4 a bushel.
