Last Updated : February 10, 2012 11:59
CBOT updates: US wheat futures falls on larger global stocks
CHICAGO (Commodity Online): US Wheat futures stumble, fueled by larger world wheat stock estimates from government forecasters.
Bullish traders were disappointed with world supplies rising to new record-high levels, said analyst Dan Cekander Newedge USA in Chicago. Market also lacked any new bullish weather developments to justify pushing prices higher, Cekander added.
Wheat had previous climbed on threats to Europe and Black Sea wheat, but with world supplies adequate to meet global demand even with crop losses, Wheat futures were seen as overvalued.
CBOT March wheat ended down 14 3/4c to $6.46/bushel; March KCBT wheat down 18c at $6.92; March MGEX wheat dropped 9 3/4c to $8.31 3/4.
Courtesy: CME group
MCX CHANADEL 01 January 2020
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