Wheat futures on the Chicago Board of Trade fell for a third consecutive session on Thursday on technical selling and a lack of fundamental news amid plentiful global supplies, traders said. Benchmark CBOT December wheat pared losses after the Federal Reserve announced its decision to leave US interest rates unchanged, but then fell to session lows near the closing bell.
K.C. hard red winter and MGEX spring wheat futures also fell. The USDA reported export sales of US 2015/16 wheat in the latest week at 377,500 tonnes, in line with trade estimates, along with 133,200 tonnes sold for 2016/17. Canada's wheat and canola crops look larger than they appeared earlier this summer, after a government agency factored in satellite and other climate data to its estimates for the first time, Statistics Canada said. French consultancy Strategie Grains raised its outlook for the EU soft wheat harvest to 147.5 million tonnes, up 3.5 million from last month. The firm raised its EU wheat export forecast to 27 million tonnes, from 26.8 million in August.
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