CBOT wheat falls on fund selling, ample global supplies
Chicago wheat futures hit contract lows on August 26, with CBOT December soft red winter wheat down to $5.25 per bushel and K.C. December hard red winter wheat up to $5.37-1/4. MGEX December spring wheat remained at $5.72-1/4. Canada’s labor tribunal halted rail work stoppages, avoiding disruptions to agricultural supply chains. The USDA will update spring wheat ratings and harvest progress.
CHICAGO, Aug 26 (Reuters) -Chicago Board of Trade benchmark wheat futures Wv1 fell to multiple contract lows on Monday on fund selling and as cheap Black Sea supplies continued to weigh on Chicago futures.
- CBOT’s December soft red winter wheat WZ24 settled down 3 cents to $5.25 a bushel.
- K.C. December hard red winter wheat KWZ24 settled up 2-1/4 cents at $5.37-1/4 per bushel.
- MGEX December spring wheat MWEZ24 was unchanged at $5.72-1/4 per bushel.
- Canada’s independent labor tribunal over the weekend ordered a halt to work stoppages at the country’s largest railways that threatened to disrupt North American agricultural supply chains.
- The U.S. Department of Agriculture will release spring wheat condition ratings and harvest progress later on Monday
- A Reuters poll of 11 analysts predicted that the nation’s spring wheat rating would be at 72% good to excellent, down a point from the previous week. They estimatethat the spring wheat harvest is speeding along at 48% complete, up from 31% last week.
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