CBOT wheat slips as U.S. crop prospects improve
- Russia has downgraded its 2020/21 wheat exports estimate to 36.3 million tonnes from 40.8 million tonnes due to an upcoming wheat export tax.
CHICAGO: U.S. wheat futures fell on Monday as rain and snow across the U.S. plains improved crop prospects and added pressure to markets, traders said.
CBOT March soft red winter wheat settled 12-3/4 cents lower at $6.14-1/4 per bushel.
K.C. March hard red winter wheat ended down 12 cents at $5.77 per bushel and MGEX March spring wheat lost 6 cents to settle at $5.76-3/4 per bushel.
Russia has downgraded its 2020/21 wheat exports estimate to 36.3 million tonnes from 40.8 million tonnes due to an upcoming wheat export tax.
Egypt expects prices to stabilize in the coming months after recent highs driven by uncertainty during the coronavirus pandemic and recent protective measures such as the Russian export quota.
Ukrainian wheat export prices have risen by $3 per tonne over the past week thanks to a strong demand from exporters concerned about the uncertainty with wheat exports from Russia.
Taiwan has issued an international tender to purchase 82,325 tonnes of grade 1 milling wheat to be sourced from the United States.
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