Wheat futures at the Chicago Board of Trade closed lower on Friday amid spillover pressure from a late break in soy and on slow exports, traders said. "It looked to me like wheat moved to the lows when beans broke down near the close," a pit source said. The wheat market also continues to struggle against the bearish impact from a record large supply of wheat globally, traders and analysts said. CBOT wheat closed 2 cents to 1-1/2 cents per bushel lower. May was down 1-3/4 at $3.09-1/4 per bushel. July was down 1-1/2 at $3.19-1/4. Thinly traded December closed 1 cent higher.
Traders said there was a lack of bullish feature in the wheat market. Estimated volume was 21,443 futures, versus 21,479 traded on Thursday. Options volume was 6,292 lots.
A decline in the value of the dollar to a one-month low versus the yen may have provided some underlying support. But there was nothing in the export market overnight to give wheat futures a significant lift.
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