Wheat futures fell on Wednesday, with the Chicago Board of Trade May wheat contract falling for a third session amid investor uncertainty over the size of the US wheat crop this spring, traders said. CBOT May soft red winter wheat futures ended the day down 9-3/4 cents, a 1.92 percent drop, at $4.97-1/4 per bushel. K.C. May hard red winter wheat closed down 7-1/4 cents, down 1.34 percent, to $5.34-1/4.
MGEX May spring wheat ended the day down 9 cents, down 1.43 percent, at $6.20 per bushel. Wednesday's continued slump in wheat futures comes even as dry growing conditions in the heart of the US wheat belt drag on. However, the US Department of Agriculture world supply and demand report due this week is expected to forecast larger US wheat ending stocks, due partly to weak export demand and slightly smaller domestic corn stockpile, according to Reuters' analyst polls. Amid burgeoning global stocks of wheat, the US, France and others are facing stiff overseas competition led by Russia.
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