Chicago Board of Trade (CBOT) wheat futures fell more than 3 percent on Friday after the US government forecast global wheat stocks above trade expectations in a monthly report. CBOT September soft red winter wheat settled down 17-3/4 cents, or 3.1 percent, at $5.46-3/4 per bushel. For the week, the contract fell 1.7 percent, the first weekly drop in four weeks.
K.C. September hard red winter wheat futures ended down 18-3/4 cents at $5.59-3/4 a bushel while MGEX September spring wheat fell 21 cents to end at $6.08-3/4. The US Department of Agriculture lowered its 2018/18 global wheat ending stocks estimate to 258.96 million tonnes, more than 2 million tonnes above trade estimates. Weather-damaged crops in Europe and the Black Sea region had traders anticipating a larger reduction. Drought and a heat wave that scorched fields in northern Europe may cut the European Union's wheat export surplus, and the bloc will need to consume more of its own grains, experts said on Friday.
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