CBOT wheat falls on profit taking, bigger world supplies
- The USDA, in a monthly report, said world wheat ending stocks were 321.45 million tonnes, up from its September estimate of 319.37 million.
- Most-active CBOT December soft red winter wheat ended down 1-1/2 cents at $5.93-3/4 a bushel on Friday.
CHICAGO: Chicago Board of Trade wheat futures ended lower on Friday on profit-taking and a bigger-than-expected global supply estimate from the US Department of Agriculture, analysts said.
The USDA, in a monthly report, said world wheat ending stocks were 321.45 million tonnes, up from its September estimate of 319.37 million. Analysts were expecting the USDA to lower its estimate to 317.23 million, according to a Reuters survey.
Profit-taking added pressure on prices after the most-active CBOT wheat contract reached its highest price in more than five years on Thursday, traders said.
Most-active CBOT December soft red winter wheat ended down 1-1/2 cents at $5.93-3/4 a bushel on Friday.
K.C. December hard red winter wheat closed up 6-3/4 cents at $5.35-1/2 a bushel. MGEX December spring wheat rose 1-1/4 cents to settle at $5.43-3/4.
Traders remain concerned about unfavorably dry weather hampering the planting of hard red winter wheat in the US Plains. Dryness in Russia, the world's top wheat exporter, also is underpinning prices, analysts said.
Current dry weather may reduce Russia's winter wheat sowing area by 10-15%, the Sovecon agriculture consultancy said in a note.
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