CBOT wheat futures extend setback near three-week low

• US wheat faces competition from the Black Sea region and France for sales on the global export market.
• The US Department of Agriculture (USDA) reported export sales of US wheat in the week to Oct. 24 at 493,700 tonnes.

Most-active CBOT soft red winter wheat set its lowest price since Oct. 11.

The US Department of Agriculture (USDA) reported export sales of US wheat in the week to Oct. 24 at 493,700 tonnes, toward the high end of trade expectations for 200,000 to 500,000 tonnes.

Still, US wheat faces competition from the Black Sea region and France for sales on the global export market, traders said. EU soft wheat exports have been running well ahead of last season's pace.