September wheat was down 23 cents at $8.74-1/4 per bushel, December was down 23-1/4 at $8.99. Firm dollar and weak crude oil weigh on market in addition to profit-taking after the strong rally on Thursday. Iran buys unknown volume of Kazakhistan wheat and Iraq receives 353,000 tonnes US and Australian wheat. Japan to raise foreign wheat prices 20 percent-sources.
Statistics Canada projects Canadian all-wheat production at 25.426 million tonnes, up 26.8 percent. Argentina's Agriculture Secretariat cut its forecast for 2008/09 wheat area to 4.5 million hectares, from 4.8 million last month, citing low rainfall. Rain needed in Argentine wheat belt and in portions of Australian wheat areas. September contract above all key moving averages with first major support at 200-day MA of $8.64.
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