CBOT wheat falls on global supply pressure
Chicago Board of Trade (CBOT) wheat futures dropped on Friday as global supplies continue to pressure the U.S. market, traders said.
Most-active CBOT March soft red winter wheat (WH3) lost 12 cents to settle at $7.34-1/4 a bushel.
For the week, the CBOT's most-active wheat contract
ZW1! dipped 3.52%, its fifth consecutive week of declines. The spot December contract (WZ2) fell 11-1/2 cents to $7.12-3/4 a bushel.
K.C. March hard red winter wheat (KWH3) lost 11-3/4 cents to $8.33 a bushel, and MGEX March spring wheat (MWEH3) added cents to $9.09-1/2 a bushel.
U.S. wheat stocks will total 571,000 bushels at the end of the 2022/23 marketing year, the U.S. Agriculture Department said in its monthly World Agricultural Supply and Demand Estimates report, slightly below analyst expectations of 1.237 billion bushels.
U.S. farmers enrolled 47.565 million acres of wheat in crop subsidy programs by Dec. 1, the USDA said in a separate report.
Argentina's drought has led to sharp cuts to the country's wheat harvest forecast.
Belarus, in a U.N. statement, said it will accept transit of Ukrainian grain through its territory for export from Lithuanian ports.