GET FREE TRIAL FOR WHEAT REPORTS
US wheat futures mixed amid short-covering, export competition.
Thursday's closing price of U.S. wheat futures
was uneven, according to dealers, as neighboring contracts benefited from technical trading and a wave of short
covering. However, traders said that spillover weakness from maize and soybeans, strength in the US currency DXY,
and fierce rivalry for international export business continued to put pressure on wheat futures, especially the
delayed contracts.
The Board of Trade in Chicago Most-active May wheat (WK24) finished 1-1/2 cents higher at
$5.76-1/4 per bushel, while March soft red winter wheat futures (WH24) concluded 6-1/2 cents higher at $5.77-1/2
per bushel. According to the U.S. Department of Agriculture (USDA), 327,300 metric tons of U.S. 2023/24 wheat
were exported in the week ending February 22, which was in line with market estimates of 200,000 to 500,000
tons.
Indian Wheat market Prices remained Mixed trend, Govt second estimate pegs wheat output at record 112.01 million tonnes in 2023-24.
According to sources on
Thursday, the government's second advance estimate places wheat output for the 2023–24 crop year (July–June) at a
record 112.01 million tons.
The projected wheat output is expected to surpass the previous record high of 110.55
million tonnes, which was attained in the 2022–2023 crop year, by 1.46 million tonnes.According to sources, the
Agriculture Ministry has estimated that the entire wheat output for the 2023–24 crop year would be 112.01 million
tonnes, according to its second advance estimate.The primary rabi (winter) crop, wheat, is ready for harvesting, and in
certain states, procurement will start the next month.
Government sets target for wheat procurement at 30-32 million tonnes in 2024-25 season.
