US wheat falls on bigger-than-expected supplies

CHICAGO: US wheat futures fell on Wednesday, led by a 5.2 percent drop in the benchmark Chicago Board of Trade December soft red winter wheat contrac, due to the US government's surprisingly large boost to the supply picture.

* Traders also cited a wave of profit taking from CBOT wheat's 8 percent rally on Tuesday.

* CBOT wheat volume was better than average and roughly in line Tuesday's activity.

* The US Agriculture Department on Wednesday morning boosted its 2011/12 US wheat ending stocks forecast to 837 million bushels from 761 million. Analysts were expecting 733 million.

* USDA also also raised its global wheat stocks forecast by 4 percent in the report. 1:17 PM CDT