CBOT wheat sags on large global supply, export competition

CHICAGO: Chicago Board of Trade wheat futures fell on Monday under pressure from large global supplies, traders said.

CBOT May soft red winter wheat settled down 5 cents at $4.59-1/2 per bushel. The losses were a retreat from gains on Friday.

K.C. May hard red winter wheat ended down 7 cents at $4.27-1/4 a bushel on Friday, while MGEX May spring wheat rose 1/2-cent to $5.31-3/4.

Agriculture consultancy SovEcon raised its forecast for Russia's 2019 wheat crop to 83.4 million tonnes from 80 million tonnes, signaling bigger supplies in the world's top exporter.

Hefty global inventories mostly outweighed concerns about spring US planting delays, according to analysts. Snowy weather in the northern Plains has raised limited concerns about spring wheat sowing, they said.

The USDA, in a weekly report due at 3 p.m. CDT (2000 GMT) on Monday, is expected to show US spring wheat planting progress was 4 percent complete, according to a Reuters survey.