Chicago Board of Trade wheat futures fell from 6 to 8 cents per bushel at midsession on Friday on another reminder from USDA of the plentiful global supply of wheat, traders said. Fund selling led the way down and sell-stops were hit, pit sources said.
Calyon Financial and Man Financial were selling the December contract, pit sources said. USDA in its August crop report early Friday pegged world wheat output for this year at 610.33 million tonnes, a level analysts view as sufficient to meet demand. At 11:04 am CDT (1604 GMT), CBOT wheat was down 4-3/4 to 7 cents per bushel. September was down 4-3/4 at $3.21-1/2 per bushel.