US wheat futures fell on Friday as investors locked in profits after the most-actively traded Chicago Board of Trade soft red winter wheat contract hit its highest since August on Thursday. Easing concerns about a cold snap damaging the dormant crop in key growing areas of the Black Sea region added pressure to the market.
More signs of plentiful global supplies added to the weakness in the wheat market. Statistics Canada pegged Canadian all-wheat stocks at 25 million tonnes, above the average trade expectation for 24.2 million and up 17 percent from a year earlier. The most-active CBOT soft red winter wheat contract rose 9-3/4 cents or 2.3 percent this week. K.C. hard red winter wheat ended up 1.4 percent this week and MGEX spring wheat fell 0.3 percent.
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