US wheat futures set contract lows on ample world inventories
U.S. wheat futures slid to contract lows on Friday due to plentiful global supplies, analysts said.
New U.S. tariffs on dozens of trading partners made traders nervous at a time when harvests in the Northern Hemisphere were boosting inventories.
French farmers had harvested 89% of this year's soft wheat crop by July 28, data from the farm office FranceAgriMer showed.
The U.S. Department of Agriculture is slated to issue an update on the nation's spring wheat harvest in a weekly report on Monday. The harvest was 1% complete as of July 27.
In Argentina, a major wheat exporter, recent rainfall improved soil moisture reserves for the 2025/26 wheat crop, according to the Buenos Aires Grains Exchange.
In other news, consultancy Sovecon downgraded its forecast for Russia's 2025 wheat crop.
CBOT September soft red winter wheat (WU25) ended down 6-1/2 cents at $5.16-3/4 per bushel. The contract set a low of $5.16-1/4 a bushel earlier in the session.
For the week, the contract tumbled 4%.
K.C. September hard red winter wheat (KWU25) closed down 7-1/2 cents at $5.18-3/4 a bushel. The market set lows for 2026 contracts.
Minneapolis September spring wheat (MWEU25) slipped 5-1/2 cents to finish at $5.72-1/4 a bushel. It set a contract low of $5.70-1/2 a bushel earlier in the session.
