* Cargill Inc said it would take a further step
back
from the Russian market by no longer handling the top wheat
supplier's grain at its export terminal from July, although its
shipping unit will continue to carry grain from Russia's ports.
* In addition, grain trader Viterra, part-owned by Glencore,
is
planning to stop grain trading in Russia, Bloomberg News
reported, citing sources familiar with the matter.
* Large speculators hold a sizable net short position in
CBOT
wheat futures, leaving the market prone/vulnerable to bouts of
short-covering.
* CBOT May soft red winter wheat settled up 5 cents at
$7.04-3/4 per bushel, paring gains after rising to $7.24, the
contract's highest since Feb. 27.
* K.C. May hard red winter wheat settled down 2 cents
at
$8.70-1/2 a bushel, retreating on profit-taking after rising to
a one-month high. MGEX May spring wheat finished down
4-1/2 cents at $8.78.
* Ahead of the USDA's weekly export sales report on
Thursday,
traders expected the government to report export sales of U.S.
wheat in the week ended March 23 at 125,000 to 450,000 tonnes.
* Traders were adjusting positions ahead of the USDA’s
planting
intentions and quarterly stocks reports due Friday. Analysts
surveyed by Reuters on average expect the USDA to show U.S.
March 1 wheat stocks at 934 million bushels, down 9% from a year
ago and the smallest March 1 wheat stocks since 2008.
* Ukraine's grain exports have reached 5.1 million tonnes so
far
in March compared to 1.4 million tonnes in March 2022, the
agriculture ministry data showed. The volume so far this season
included about 12.8 million tonnes of wheat.
(Reporting by Cassandra Garrison; additional reporting by Julie
Ingwersen; editing by Grant McCool)
March 29 (Reuters) - Chicago Board of Trade wheat
futures closed stronger on Wednesday, touching a four-week high
before paring gains, on news that Cargill will halt grain
loadings at its Russian export terminal.
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