CBOT wheat falls despite concerns over dry conditions
- The most-active CBOT December soft red winter wheat contract ended 1/2 a cent up at $5.94-1/4 a bushel.
- A Ukrainian grain traders union lowered its forecast for the country's 2020 wheat harvest because of poor weather.
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 most-active CBOT December soft red winter wheat contract ended 1/2 a cent up at $5.94-1/4 a bushel.
K.C. December hard red winter wheat closed 5 cents down at $5.30-1/2 a bushel while MGEX December spring wheat lost 1 cent to settle at $5.42-3/4.
Russian wheat export prices rose last week on high demand from exporters and limited supply from farmers concerned about dry weather in several regions.
A Ukrainian grain traders union lowered its forecast for the country's 2020 wheat harvest because of poor weather.
Soft wheat exports from the European Union and Britain in the 2020/21 season that started on July 1 were 29% below the volume reached by Oct. 11 of last year, official EU data showed.
The USDA, in a monthly report on Friday, 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, a Reuters survey showed.
Dry conditions across the US Plains and Russia, the world's top wheat exporter, is underpinning prices, analysts said.
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