CBOT wheat futures end higher in choppy trade

CHICAGO, May 28 (Reuters) - Chicago Board of Trade wheat futures settled slightly higher on Thursday following a choppy trade driven by volatile crude oil prices.

  • Oil prices have been volatile in recent sessions as traders parse conflicting signals on the possibility of an end to the three-month Iran war and a potential re-opening of the Strait of Hormuz. Traffic through the maritime chokepoint remains at a small fraction of the pre-war level. O/R

  • Analysts say the poor condition of drought-afflicted U.S. wheat has been priced in and the market is looking ahead to months of harvest pressure on prices and a global oversupply of the grain.

  • Consultants Sovecon on Wednesday raised their 2026 wheat production forecast for leading exporter Russia to 90.3 million metric tons from 89.7 million tons.

  • CBOT July soft red winter wheat WN26 settled 1-1/2 cents higher to $6.24 per bushel.

  • K.C. July hard red winter wheat KWN26 dropped 6-1/2 cents to $6.69-3/4 per bushel, and Minneapolis July spring wheat MWEN26 settled down 3-1/2 cents to $6.77-1/4 per bushel.


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