Markets

CBOT wheat bounces from 2-1/2 month low, ends week lower

CHICAGO : US wheat futures rose on Friday as the benchmark Chicago Board of Trade contract rebounded after falling to

Published September 23, 2011 Updated September 23, 2011 07:45pm

1 min

By Abdul Ahad

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* For the week, CBOT soft red winter wheat fell 6.6 pct, its largest weekly decline since an 8.1 percent drop in the week ended July 3.

* CBOT wheat has fallen for four straight weeks, its longest losing streak since a five-week streak that ended in early July.

* MGEX spring wheat rallied sharply, gaining 3.7 percent as supplies were expected to remain tight after a disappointing growing season.

* Analytical firm Informa Economics projected 2011 US hard red spring wheat production at 444 million bushels, down from the USDA's current estimate of 475 million - trade sources.

* Taiwan Flour Millers Association tenders to buy 52,920 tonnes of US-origin wheat.

* Drought continues to plague the US Plains as farmers seed the 2012 hard red winter wheat crop. No relief in sight until at least October.

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