CBOT wheat drops to 2 — month low on fund selling, technicals
CHICAGO, Oct 16 (Reuters) — Chicago Board of Trade wheat futures fell to a two-month low on Friday on technical selling and fund liquidation that dragged the market to a seventh straight weekly decline. Wheat prices have remained under pressure despite a continued grain shipping disruptions on the Black Sea caused by the Russia-Ukraine war. Forecasts for favorable US winter wheat planting weather in the coming week weighed on the market. Rains this week in the southern Plains provided recently planted crops ample moisture for germination, forecasters said. Drier conditions over the coming week should allow for continued planting progress, which stood at 51% complete as of last Sunday. The US Department of Agriculture reported net weekly export sales of US wheat at 319,900 metric tons in the current marketing year for the week ended October 8, near the low end of a range of trade estimates. CBOT December soft red winter wheat closed 9-1/2 cents lower at $6.60-1/2 per bushel, the lowest level since mid-August. The benchmark contract was down 1.6% in the week, its seventh consecutive weekly drop. K.C. December hard red winter wheat last traded 9-1/4 cents lower at $7.03-3/4 a bushel.
CHICAGO, Oct 16 (Reuters) — Chicago Board of Trade wheat futures fell to a two-month low on Friday on technical selling and fund liquidation that dragged the market to a seventh straight weekly decline. Wheat prices have remained under pressure despite a continued grain shipping disruptions on the Black Sea caused by the Russia-Ukraine war. Forecasts for favorable US winter wheat planting weather in the coming week weighed on the market. Rains this week in the southern Plains provided recently planted crops ample moisture for germination, forecasters said.
Drier conditions over the coming week should allow for continued planting progress, which stood at 51% complete as of last Sunday. The US Department of Agriculture reported net weekly export sales of US wheat at 319,900 metric tons in the current marketing year for the week ended October 8, near the low end of a range of trade estimates. CBOT December soft red winter wheat closed 9-1/2 cents lower at $6.60-1/2 per bushel, the lowest level since mid-August. The benchmark contract was down 1.6% in the week, its seventh consecutive weekly drop.
K.C. December hard red winter wheat last traded 9-1/4 cents lower at $7.03-3/4 a bushel. Minneapolis December spring wheat ended 9-1/4 cents lower at $6.76-1/2 a bushel. (Reporting by Karl Plume; Editing by David Gregorio) ((karl.plume@thomsonreuters.com; +1 313 484 5285)