CBOT wheat drops as Russia crop threatens US export hopes

CHICAGO: Chicago Board of Trade wheat futures fell 1.9 percent on Thursday, with traders focused on the US Agriculture Department's unexpected bump to Russian wheat production.

The raised forecast further dimmed prospects for US wheat on the export forecast as the availability of cheaper supplies from Russia, a key global supplier, will be bigger than expected.

USDA on Thursday morning reported weekly wheat export sales of 387,600 tonnes, in line with forecasts ranging from 300,000 to 500,000 tonnes.

MGEX spring wheat futures and K.C. hard red winter wheat futures also posted lower closes.

The most actively traded CBOT soft red winter wheat contract has fallen for seven of the last eight trading sessions.