Reuters: Chicago wheat futures extended losses on Friday, with the market set for a fourth weekly decline, pressured by ample Black Sea supplies that are giving stiff competition to US exporters.
Soybeans inched up after last session’s deep losses, while corn fell. The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 slid 0.9% to $7.75-3/4 a bushel, as of 0152 GMT, soybeans Sv1 added 0.2% to $14.33-1/4 a bushel and corn Cv1 gave up 0.1% to $6.59-3/4 a bushel.For the week, wheat is down almost 3%, corn has dropped nearly 2% and soybeans are little changed.
A record wheat production in Russia, the world’s biggest exporter and ample supplies elsewhere from the Black Sea region are adding pressure on US futures. The US Agriculture Department (USDA) said export sales of wheat totalled 162,500 tonnes in the week ended Nov. 24, well below the low end of analysts’ forecasts that ranged from 300,000 to 725,000 tonnes.