CBOT wheat down on profit-taking but notches weekly gain
CHICAGO, Sept 6 (Reuters) -Chicago Board of Trade benchmark wheat futures Wv1 slipped as funds sought profits following a rally earlier in the week but still gained from the previous week.
CBOT's December soft red winter wheat WZ24 settled down 7-3/4 cents to $5.67 per bushel but settled up 2.8% for the week.
K.C. December hard red winter wheat KWZ24 ended down 11-1/4 cents to $5.77-1/2 per bushel.
MGEX December spring wheat MWEZ24 settled down 12 cents to $6.13-3/4 per bushel.
The previous rally was driven by speculators unwinding some of their hefty short positions.
Russia,the world's biggest wheat exporter, introduced a state of emergency for the farm sector in the Tomsk region of Siberia because of weather damage to the harvest, the region's governor said.
In Ukraine, a major wheat and corn producer, grain exports in the 2024/25 July-June season reached 7.5 million metric tons as of Sept. 6, up from 4.9 million tons by the same date of the previous season. The volume included 4 million tons of wheat.
The U.S. Department of Agriculture reported weekly U.S. wheat export sales for 2024/25 were 340,000 metric tons, compared to analysts' estimates for 300,000-600,000 tons.
Wheat prices have been supported by reports of poor harvests in Europe, notably in the largest producer France, set to yield the smallest volume in more than 40 years while also producing mixed grain quality.
Reporting by Heather Schlitz; Editing by Sandra Maler
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.