SINGAPORE- Chicago wheat futures fell on Thursday as traders squared positions ahead of a widely watched US agricultural report expected to show a tightening in world supplies.
“US supply/demand report is key for price direction and we are expecting a revision in production outlook,” a Singapore-based trader at an international trading company said.
The most active wheat contract on the Chicago Board of Trade fell 0.4 percent to $7.24 a bushel, after closing little changed in the previous session.
The US Department of Agriculture is set to issue an update on global grain supplies and demand in a monthly report later on Thursday.
Soybeans were down 0.7 percent at $13.30-3/4 a bushel and corn lost 0.5 percent to $5.56-1/2 a bushel.
Two leading agriculture consultancies in Russia, the world’s largest wheat exporter, cut their estimates for the country’s 2021 wheat crop due to dry, hot weather. — Reuters
