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CBOT wheat futures rise as dryness threatens Russia's crop

Reuters, 30.07.19

CHICAGO, July 29 (Reuters) - Chicago Board of Trade (CBOT) wheat futures jumped on Monday on expectations for unfavorable crop weather to reduce exports from Russia, the world's top shipper of the grain, analysts said.

* CBOT September soft red winter wheat rose 7-1/2 cents to $5.03-1/2 per bushel.

* K.C. September hard red winter wheat ended 4-1/2 cents higher at $4.36-1/2 a bushel, and MGEX September spring wheat gained 8 cents to close at $5.32-1/2.

* Moscow-based consultancy SovEcon downgraded its wheat export forecast by 6.2 million tonnes to 31.4 million tonnes on Friday.

* Russia's IKAR said on Monday it raised its forecast for the country's 2019 wheat crop to 76.4 million tonnes from 76.1 million tonnes. But the agriculture consultancy said a lack of rains created a risk of a forecast downgrade.

* Technical buying helped push wheat futures higher, traders said.

* The U.S. Department of Agriculture, in a weekly report due out later on Monday, is expected to rate 76% of the nation's spring wheat crop as good to excellent, steady from a week earlier, according to a Reuters poll of analysts.

* Analysts expected the USDA to show the U.S. winter wheat harvest at 81% complete, up from 69% a week ago.

* The USDA separately said 390,730 tonnes of U.S. wheat were inspected for export last week, within analysts' expectations.

Last Net Pct Low High Volume chng chng WU9 WHEAT SRW SEP9 503.50 7.50 1.3 492.50 507.25 60212 WZ9 WHEAT SRW DEC9 508.50 4.25 0.6 501.00 512.50 32675 KWU9 WHEAT HRW SEP9 436.50 4.50 0.7 430.00 440.25 21097 KWZ9 WHEAT HRW DEC9 454.00 3.75 0.5 448.25 457.75 12675 MWEU9 SPG WHT SEP9/d 532.50 8.00 1.5 523.25 533.50 5132 MWEZ9 SPG WHT DEC9/d 543.25 6.50 1.2 536.00 544.50 3016

This story has not been edited by The Times of India and is auto–generated from a syndicated feed we subscribe to.

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