CBOT wheat unchanged amid war uncertainty
CHICAGO, March 27 (Reuters) - Chicago Board of Trade wheat futures ended unchanged on Friday as market players weighed developments in the Iran war while monitoring dry weather in the U.S. wheat belt.
U.S. President Donald Trump announced a new extension of his deadline for Iran to reopen the Strait of Hormuz or face the destruction of its energy plants, after Iran rejected his 15-point proposal to end the war he launched with Israel.
Iran, which has said it is not in talks with the United States, continued to retaliate against U.S. and Israeli strikes by hitting Israel and U.S. bases, striking Gulf states and effectively blocking Middle East fuel exports via the Strait of Hormuz.
Dry conditions affecting parts of the U.S. wheat belt have lent support to prices. Traders are closely monitoring drought in the southern U.S. Plains, with hot weather this week raising the risk of more crop stress before possible rain from next week.
More than 97% of Russia's winter crops are in good or satisfactory condition, the agriculture ministry said on Friday.
The condition of French soft wheat, winter barley and durum crops remained stable in the week to March 23, while crop development continued to run ahead of the average, data from farm office FranceAgriMer showed on Friday.
CBOT May soft red winter wheat WK26 settled unchanged at $6.05 per bushel.
K.C. May hard red winter wheat KWK26 settled 6 cents higher to $6.32-3/4 per bushel.
Minneapolis May spring wheat MWEK26 settled 3-1/4 cents higher to $6.48-1/4 per bushel.
