US wheat futures fell to a 6-1/2 week low on Friday on forecasts for big supplies, traders said. For the week, the benchmark Chicago Board of Trade December soft red winter wheat contract was down 3 percent, its third straight week of declines. CBOT wheat bottomed out at $6.44, its lowest since September 18, during Friday's trading session.
MGEX December spring wheat lost 2 percent this week and Kansas City Board of Trade December hard red winter wheat dropped 3.6 percent this week. The US Agriculture Department pegged US ending stocks of wheat for the 2013/14 crop year at 565 million bushels, up 4 million from its previous estimate and bigger than analysts' expectations for 519 million bushels.
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