Wheat futures on the Chicago Board of Trade settled mixed on Wednesday in choppy, technical trade a day ahead of the USDA's monthly supply/demand report, traders said. Pressure from plentiful global wheat stocks and poor export demand for US supplies offset support from funds covering short positions.
K.C. hard red winter wheat futures fell, with May touching a one-week low on wetter forecasts for the US Plains. However, forecasters said dry areas of western Kansas and Nebraska should see only light amounts in the next week. MGEX spring wheat also closed lower.
Ahead of USDA's monthly reports on Thursday, the average analyst estimate of US 2014/15 wheat ending stocks was 692 million bushels, nearly unchanged from USDA's March figure of 691 million.
Rainfall in parts of Australia's eastern grain belt over the past few days has improved soil moisture ahead of planting later this month, although more is needed.
Jordan bought 100,000 tonnes of optional-origin hard wheat in an international tender for the same volume.
Comments
Comments are closed.