MUMBAI (Commodity Online): U.S. wheat futures closed mostly lower in a small setback from gains Monday. The markets traded both sides in low-volume activity after grains surged late Monday on fund buying, traders say.
Wheat felt some spillover support from gains in neighboring corn and soy but lagged the other markets, they say. Commodity funds sold an estimated 2,000 contracts at the CBOT. U.S. winter wheat plantings are delayed, but large world supplies are bearish, an analyst says. “You’ve got to point to the world stocks,” he says.
“We are wallowing in it.” The U.S. winter wheat crop was 79% planted as of Sunday, down from the average of 90%, and 64% emerged, below the average of 75%, according to the USDA.
Start trading in commodities from as low as $50. Join nowCBOT December wheat closed down 1 cent at $5.15 3/4 a bushel, Kansas City Board of Trade December wheat ended unchanged at $5.20, and Minneapolis Grain Exchange December wheat fell 2 cents to $5.29.
Courtesy: CBE Group
