CBOT wheat futures fall

Chicago Board of Trade soft red winter wheat futures fell on Friday, with ample global supplies anchoring prices even as India looks to boost its imports, traders said. End-of-week short-covering limited the declines in wheat. The Indian government on Friday lowered the wheat import tax to 10 percent from 25 percent as part of its efforts to curb food inflation.
But traders said it was unlikely that the move would lead to a surge in demand for US supplies as a strong dollar was making it too expensive for overseas buyers. K.C. hard red winter wheat futures closed steady to firm while MGEX spring wheat futures rose. A trader said supplies for higher-protein wheat tracked by those contracts were relatively tight compared to soft red winter wheat. For the week, CBOT soft red winter wheat futures rose 0.1 percent. K.C. hard red winter wheat was 0.6 percent higher this week and MGEX spring wheat was up 1.9 percent.