CBOT wheat gains as weather woes worsen
- The most-active CBOT December soft red winter wheat contract ended 21-1/2 cents higher at $6.18-1/4 a bushel, the highest since Dec. 29, 2014.
- Argentina's 2020/21 wheat crop is estimated at 17 million tonnes, the Rosario grains exchange said on Thursday.
CHICAGO: Chicago Board of Trade wheat futures rallied on Thursday as continued dryness in Argentina, Russia and the US Great Plains threatens winter crops, analysts said.
The most-active CBOT December soft red winter wheat contract ended 21-1/2 cents higher at $6.18-1/4 a bushel, the highest since Dec. 29, 2014.
K.C. December hard red winter wheat closed 12-3/4 cents higher at $5.58 a bushel while MGEX December spring wheat gained 12-3/4 cents to settle at $5.58-3/4.
Argentina's 2020/21 wheat crop is estimated at 17 million tonnes, the Rosario grains exchange said on Thursday, citing dryness and frosts as reasons for cutting its previous 18 million tonne estimate.
Strategie Grains has raised its outlook for soft wheat exports from the European Union and Britain, the consultancy said, citing better competitiveness on world markets after a rise in Black Sea wheat prices.
Jordan is tendering to buy 120,000 tonnes of milling wheat which can be sourced from optional origins, while Japan bought 87,110 tonnes of food quality wheat from the United States and Canada in a regular tender.
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