CHICAGO: US wheat futures were mixed on Friday, with Chicago Board of Trade soft red winter wheat falling for the third day in a row while high-protein contracts at the Kansas City Board of Trade and MGEX rose.
* CBOT soft red winter wheat fell due to a glut of supplies on the market. It was the second straight week of declines for the front-month contract, which fell 3.1 percent for the week.
* Tight stocks of high-protein wheat on the cash market supported the gains in MGEX spring wheat and Kansas City Board of Trade hard red winter wheat.
* Dry weather was seen for US Plains for the next two weeks but hard red winter wheat crop heads toward dormancy period in good shape after recent rains.
* A bumper harvest next year would add new supplies to the glut of US winter wheat being held in storage.
* High prices for US wheat have caused most importers to look elsewhere when making purchases on the export market.
* Analytical firm Informa Economics left its forecast of 2012 US wheat acreage unchanged at 57.0 million acres, trade sources said.
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