CBOT wheat futures lower on ample global supplies

Chicago Board of Trade soft red winter wheat futures weakened on Friday, with ample global supplies casting a bearish tone over the marketplace and increasing already stiff competition for export business, traders said. End-of-week bargain buying and short-covering kept the declines in check. K.C. hard red winter wheat futures also closed in negative territory but MGEX spring wheat was slightly firmer after hitting its lowest since June 28 on Thursday.

CBOT wheat futures weakened early but held support at the seven-week low hit on Thursday. Black Sea wheat producers anticipate strong exports in the current marketing year as recent good weather has buoyed their expectations for bumper crops in Russia and Ukraine.

For the week, the benchmark Chicago Board of Trade September soft red winter wheat contract dropped 5.3 percent. CBOT wheat has fallen for four weeks in a row.

(Source : Reuters)