Hard red winter wheat futures on the Kansas City Board of Trade closed lower on Friday, following declines in most other commodities, as talks over a US government financial bailout plan stalled, traders said. KCBT December wheat fell 19-1/2 cents to settle at $7.45-3/4 per bushel; March down 19-1/2 at $7.65-3/4.
Volume was estimated at 8,366 wheat futures. Trade in all grains remained thin as the market awaited details of the financial bailout and any implications for commodities. October KCBT options expired quietly. Sluggish wheat export demand added pressure.
European Union wheat prices slid to lowest levels in roughly 15 months on weak US grain markets, lower crude oil prices and competition from Black Sea supplies. Satisfactory crop weather in US Plains HRW wheat region. Dryness a concern in portions of Argentina and Australia. EU grain trade lobby Coceral sees sharp rise for EU 2008 cereals crops; soft wheat crop estimated at 140.74 million tonnes, up from 111.74 million in 2007.
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