CBOT wheat futures climb on Black Sea supply uncertainty
CHICAGO, Sept 11 (Reuters) -Chicago Board of Trade wheat futures hit a one-week high on Wednesday, supported by signs that supply pressure from the Black Sea export region may be easing as well as short-covering a day ahead of key monthly U.S. government crop forecasts.
CBOT December soft red winter wheat WZ24 settled up 5 cents at $5.79-1/4 per bushel after reaching $5.82-1/4, its highest level since Sept. 4.
K.C. December hard red winter wheat KWZ24 ended up 4-1/4 cents at $5.88-1/4 a bushel and MGEX December spring wheat MWEZ24 rose 6-1/2 cents at $6.16-1/2 a bushel.
Russia's Rostov region will export less grain this year due to extreme weather and the sudden market exit of a major grain trader that previously exported nearly half of the region's grain, a regional governor said.
Ukraine's domestic and export wheat prices are likely to rise in the coming weeks due to much smaller wheat stocks, a major agricultural producers' group and analysts said.
Ahead of the monthly supply/demand reports from the U.S. Department of Agriculture on Thursday, analysts surveyed by Reuters on average expect the agency to trim its forecasts for 2024/25 U.S. and world wheat ending stocks.
For the USDA's weekly export sales report, also due on Thursday, traders expected the government to report export sales of U.S. wheat at 300,000 to 550,000 metric tons for the week ended Sept. 5.
Traders are monitoring the approach of Hurricane Francine, which is expected to make landfall in the U.S. Gulf later on Wednesday, bringing heavy rainfall and the risk of considerable flooding to the region.
Reporting by Julie Ingwersen; Editing by Paul Simao
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