MUMBAI (Commodity Online): U.S. Wheat futures finished lower Thursday on pressure from large ending stocks and steep losses in neighboring CBOT soybeans. The USDA’s March supply/demand report, issued Wednesday, continued to weigh on prices, traders say.

It was “an eye opener for the wheat market to see a carryout of 1 billion bushels” in the report, says Tom Leffler, owner of Leffler Commodities. The USDA raised its carryout estimate to 1 billion from its February estimate of 981 million.

Trading platform that even a 5 year old can trade. Join now

It did not help Wheat “to see soybeans take it on the chin,” Leffler says. Commodity funds sold an estimated 2,000 wheat contracts at CBOT.

CBOT May wheat ended down 2 3/4 cents at $4.78 3/4 a bushel, KCBT May wheat lost 1 1/2 cents to $4.89 1/2, and MGE May wheat dropped 2 cents to $5.04 1/2.

Courtesy: CBE Group

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook