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Markets

CBOT wheat futures gain on spring planting worries

  • CBOT May soft red winter wheat settled 3/4 cent higher at $6.16-1/4 per bushel.
Updated 08 Apr 2021

CHICAGO: Chicago Board of Trade wheat futures climbed on Wednesday as concerns about spring wheat planting pushed markets higher, analysts said.

CBOT May soft red winter wheat settled 3/4 cent higher at $6.16-1/4 per bushel.

K.C. May hard red winter wheat gained 7-3/4 cents to $5.63-1/4 per bushel, and MGEX May spring wheat gained 13-1/2 cents to settle at $6.24-1/2 per bushel.

Extreme dryness across the U.S. Great Plains and Canadian prairie has growers worried that spring wheat plantings may not germinate as drought conditions persist.

Traders estimate 100,000 to 500,000 tonnes of old-crop wheat were sold for export during the week ended April 1, with another 50,000 to 200,000 tonnes of new-crop wheat sold, according to a Reuters poll.

Algeria's state grains agency, OAIC, has purchased a small volume of optional-origin milling wheat in an international tender that closed on Wednesday, seeking shipment to two ports only, European traders said.