Wheat Watch: CBOT Called 1 to 2 Cents Higher.

Resource News International, May, 2004

Winnipeg, MB, May 04, 2004 (Resource News International via COMTEX)

Chicago Board of Trade wheat futures are called 1 to 2 US cents per bushel higher Tuesday, as forecasts for dry weather in the US Plains will underpin the market. Deliveries against the CBOT May contract were light at 562 lots, Tuesday.

In it's weekly crop report, released late Monday, the USDA left it's US winter wheat rating at 48% good to excellent. The rating was unchanged from the previous week. However, the market had expected crop conditions to improve due to recent rainfalls in the drier areas of the wheat growing regions.

The UK is expected to have a 3.8 million metric ton exportable surplus of soft wheat for the 2004/05 marketing year, which compares to an average...

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